§ Mr. Parkerasked the Financial Secretary to the Treasury in what companies registered in this country and abroad, respectively, the British Government holds shares; what amounts are so held; in what companies the Government have the right to appoint directors; and how many in each case?
§ Lieut.-Colonel Colville:The information required is contained in the following statement: 897W
Company. Amount of shares held. Number of directors whom H.M. Government has the right to appoint. Suez Canal Company (registered abroad). 353,504 shares of 250 francs each. 3 Imperial Airways, Limited 25,000 £1 deferred 1 or more (2 appointed). Anglo-Iranian Oil Company, Limited. £11,250,000 ordinary and £1,000 preference stock. 2 Parkend Saw Mills, Limited 500 6 per cent. cumulative preference shares. 1 Although no shares are held, His Majesty's Government has the right to appoint directors in the following companies:
Company. Number of directors whom H.M. Govt. has the right to appoint. British Airways, Limited Not more than 2 (1 appointed). British Sugar Corporation, Limited. Chairman and 2 directors. Agricultural Mortgage Corporation, Limited. 1 Scottish Agricultural Securities Corporation, Limited. 1 David MacBrayne (1928), Limited. 1 In the case of certain scientific and agricultural research associations registered under the Companies Acts but not trading for profit, the Government is entitled to nominate one or more members to the Council of Management.
The above lists do not include activities under the Special Areas Acts where in a number of cases the Commissioners have found it convenient to operate through companies created by them for special purposes, or two Scottish Housing Companies where the positon is in essence similar. Further, certain cases in which shares have been accepted by the Inland Revenue Department in discharge of tax liability are not included.
As the result of creditor claims arising in respect of guarantees given under the Trade Facilities Acts, 1921–1926, the Treasury holds shares in certain Companies.
In cases of this kind it would be contrary to long-established practice to publish details of individual transactions such as those for which the hon. Member 898W asks. It was the general practice of the Treasury when giving its guarantee under the Trade Facilities Acts to take the right to appoint a Director or representative on the Board of the Company concerned. A complete list of such instances would not appear to serve any useful purpose, but the list of the cases in which the right is at present exercised is as follows:
Anglo-Scottish Beet Sugar Corporation. Electricity Distribution of North Wales and District, Limited.
International Power and Paper Company of Newfoundland, Limited.
North Wales Power Company, Limited.
Athens Piraeus Electricity Company.
James Powell and Sons (Whitefriars), Limited.
Sheffield Coal Company, Limited.
Tata Power Company, Limited.
Wayagamack News, Limited.
Oceanic Steam Navigation Company, Limited.
In addition, arising out of guarantees given (a) to Royal Mail Meat Transports, Limited, and (b) to Palmers (Swansea) Dry Dock Company, Limited, the Treasury has acquired and has exercised the right to appoint a Director on the Boards of Royal Mail Lines, Limited, and the Prince of Wales Dry Dock Company (Swansea), Limited, respectively.