§ Mr. KILEYasked the Chancellor of the Exchequer whether Sir Philip Henriques and Sir William Alexander still represent His Majesty's Government on the board of directors of the British Cellulose Company; whether they are still drawing the salary of £500 each per annum from the Treasury; and, if so, whether he proposes to continue this payment?
Mr. YOUNGThe answer is in the affirmative. I may add that the arrangement with the Government directors provides for the payment by them to the Exchequer of any fees that may be received by them as directors of the company.
§ Mr. KILEYasked the Chancellor of the Exchequer whether, in view of the disastrous results to the investors who invested their money in the British Cellulose Company on the grounds that His Majesty's Government were large shareholders and had two directors on the board, steps will be taken to dispense with the services of these two directors and for the Government to cease all connection with this concern?
Mr. YOUNGThe answer is in the negative. It is obviously undesirable to attempt at the present moment to sell so large a block of shares. It is hoped that the steps just taken may lead to an enhancement of the value of the Government asset.