§ 48. Mr. J. Morrisasked the Chancellor of the Exchequer what is the total of the sums advanced by the Iron and Steel Holding and Realisation Agency to facilitate disposals of its 46W subsidiaries; how much is still outstanding; and what commitments to make additional loans remain.
Mr. M. MacmillanThe Agency's Accounts for 1962–63 show that to 30th September, 1963, the total of investments by the Agency to facilitate disposals was £149.4 million. These investments were subscribed partly by way of conversion of existing loans, some of which had been advanced by the Iron and Steel Corporation in the first place, and partly in cash. The Agency no longer hold any of the securities created in this way, apart from the Second Debenture Stock of John Summers Ltd., which is repayable on 1st October, 1964. In addition the Agency also made advances by way of loan for capital development and other purposes to a number of companies now denationalised. None of these loans is now outstanding and the Agency have no commitments to provide further finance for any former subsidiary companies. As at 30th September, 1963, the total of advances to the Agency's one remaining subsidiary, Richard Thomas and Baldwins Ltd., was £105 million.