§ Mr. REMERasked the President of the Board of Trade whether the Imported Timber Disposal Section, before selling timber to Messrs. Hillas on the basis of open unsecured credit to the extent of £600,000, offered the timber by tender or public auction on a cash basis; whether the same procedure was adopted in the case of the flooring boards sold at £31 per standard; and, if not, why such grave financial risks have been run without taking every precaution to make cash sales?
§ Sir. R. HORNEThe answers to the first and second parts of the question are in the negative. With regard to the last2122W part of the question it was not practicable at the time to effect large sales on a cash basis and in the case of Messrs. Hillas approximately 90 per cent. of their account has been liquidated.