HC Deb 04 December 1919 vol 122 cc637-8W
Major BARNES

asked the President of the Board of Trade if his action in giving preferential assistance to a particular company engaged in the manufacture of dyes by subscribing to the share capital of that company has received the consent of the House of Commons; and, if not, if he proposes to submit his action for the approval of the House?

Sir H. GREENWOOD

The policy of Government financial support to British Dyes, Limited, was fully discussed in this House in 1915, and as regards the recent change in the form of that support, I would refer the hon. and gallant Member to the answer to his previous question.

Major BARNES

asked the President of the Board of Trade in what Vote or Votes appears the whole or any part of the sum of £1,700,000 subscribed by the Government to the share capital of the British Dye Stuffs Corporation, or if the whole or any part of it has not yet appeared; and in what Vote and when the sum or any part of it will be submitted to the House?

Sir H. GREENWOOD

Provision for £334,046, being balance of a sum of £1,500,000 for investment in British Dyes, Ltd., will be found in the Board of Trade Estimates, Class II., Vote 8, Sub-head i, for 1919–20. The sum of £1,165,954 previously invested in such Debenture Bonds was provided out of the Vote of Credit, and has appeared or will appear in he Appropriation Accounts relating thereto. These Bonds were cancelled during the present financial year, and the sum of £1,700,000 was invested in the British Dye Stuffs Corporation in the purchase of the following fully-paid shares, namely,

  • 850,000 7 per cent. preference shares of £1 each,
  • 850,000 8 per cent. preferred ordinary shares of £1 each.
One fully-paid preference share (£1) was allotted to the nominees of the Government conferring special voting powers under the articles of the company. The balance for which no provision was made in the Board of Trade Estimates has been temporarily met out of the Board of Trade Vote, and it is proposed to submit a Supplementary Estimate, to be laid before Parliament in due course.