HC Deb 16 February 1927 vol 202 c937W
Mr. JOHNSTON

asked the Financial Secretary to the Treasury if he is aware that the Government Disposals Board in 1922 sold 2,500 tons of ferro-silicon to a firm in Glasgow for £10,000; that the Air Ministry, in November, 1924, re-purchased from this firm 500 tons of the same stock at a price of £11,000; and what steps, if any, the Government is taking to prevent similar speculations in Government stores in the future?

Mr. McNEILL

This surplus material was sold in July, 1922, for commercial purposes at the highest price obtainable. The actual quantity sold was 1,336 tons, and the purchase price received was £5,435. The Air Ministry requirement for the material did not arise until to wards the end of 1924, and only arose then on the resumption of the Airship Service, ferro-silicon being required for the manufacture of hydrogen. The quantity purchased by the Air Ministry was 150 tons, and the total price paid was £3,285. The hon. Member will realise that a policy of retaining war stocks over a period of years, with a view to the possibility of their being required at some future time for Government purposes, is one which might lead to serious loss of public money.