HC Deb 20 March 1952 vol 497 cc220-1W
56. Mr. Erroll

asked the Chancellor of the Exchequer what were the terms of, and the reason for, the appointment of a Government-appointed director to the board of Woolaway Constructions, Limited.

Sir A. Salter

The Government interest in this company arises from the fact that the Treasury Solicitor, on behalf of the Ministry of Works, holds a debenture on the company's assets. This is in respect of a loan from the Building Materials and Housing Fund under the provisions of the Building Materials and Housing Act, 1945. The Government director is entitled to a fee from the company.

Mr. Erroll

asked the Chancellor of the Exchequer the terms of and the reason for the appointment of Mr. A. Brackenridge to the board of Bowaters Newfoundland Pulp and Paper Company, Limited.

Sir A. Salter

The interest of the Treasury in this company arises from the fact that it is the guarantor, under Section 25 of the Finance Act, 1934, of the principal of and interest on the company's "A" Mortgage Debenture Stock, 1955–73, of which over£1,000,000 is outstanding. Mr. Brackenridge was appointed a director in 1948, and his fees are paid by the company.