HC Deb 31 January 1967 vol 740 cc47-53W
Mr. J. H. Osborn

asked the Chancellor of the Exchequer what plans he has for transferring direct Government shareholdings in companies to the Industrial Reorganisation Corporation; what companies are involved; and what is the number and value of the shares in each case.

Mr. Diamond

None.

Mr. J. H. Osborn

asked the Chancellor of the Exchequer if he will list the companies, as at 1st January, 1967, in which the Government has a shareholding, stating the value and number of shares held in each case.

Mr. Callaghan

The following list gives details of the Government's shareholding in various companies at 31st March, 1966, which is the most recent date for which figures are readily available.

British Petroleum Company Ltd. £162,000,000 Ordinary Stock. £1,000 of 8 per cent. Cumulative First Preference Stock. In addition, at 31st March, 1966, H.M.G. had subscribed for a further 12,461,538 shares of £1 each, converted into Stock when fully paid up on 19th May, 1966.

Cable and Wireless Ltd. 30,000,000 shares of £1 each.

Suez Finance Company 494,695 capital shares of FF100 each. 64,924 Convertible Bonds (debentures) of FF285.85 each. These will be convertible into new shares in December, 1968, on the basis of two shares of FF100 nominal for three bonds of FF285.85 without payment of any cash balance.

Suez Canal Investment Trust 20 capital shares.

Fairfields (Glasgow) Ltd. 500,000 shares of £1 each. £1,000,000 7 per cent. unsecured loan stock 1975.

British Sugar Corporation Ltd. 1,125,000 Shares of £1 each.

Cunard Steamship Co. Ltd. £66 Ordinary Stock (including £20 'Government' Share).

Economic Presswork Ltd. 20,000 5 per cent. Redeemable Cumulative Preference Shares of £1 each.

S.B. (Realisations) Ltd. 42,050 5 per cent. Redeemable Cumulative Preference Shares of £1 each. 581,302 Ordinary shares of 5s. each. 250,000 "A" Ordinary shares of 5s. each.

Power Lets (Research and Development) Ltd. 200,000 shares of £1 each.

West Highland Light Railway Company (in liquidation) Shareholding of £28,172.

Itabira Iron Ore Co. Ltd (in liquidation) 61,220 First Preference Shares of £1 each. 380,000 Second Preference Shares of £1 each 493,982 Ordinary Shares of £1 each.

Societe Anglo-Belge Vulcain S.A. 11,500 shares of no nominal value (cost £24,722 at 300 Belgian francs per share).

Parkend Saw Mills Ltd. 500 6 per cent Cumulative Preference Shares of £1 each.

Cowal Ari-Sawmilling Co. Ltd. £15,000 in the form of debentures.

Toplis and Harding (Middle East) Ltd. 997 Shares of 10s. each.

Mr. J. H. Osborn

asked the Chancellor of the Exchequer if he will list the companies, as at 1st January, 1967, in which

NATIONALISED INDUSTRIES
1. TRANSPORT
The tables below bring up to 1st January, 1967, the figures given by the Minister of Transport in reply to the hon. Member for Cirencester and Tewkesbury on 21st November, 1966—[Vol. 736, c. 277–321].
Proportion of Ownership Per cent. Date of Acquisition Nominal Value Number of Shares
Transport Holding Company
Tartan Arrow Service (Holdings) Ltd. 50 12.8.66 £50,000 50,000
Shamrock and Rambles Motor Coaches Ltd. 100 8.7.66 £11,001 11,001
T.H.C. Investments Ltd. 100 18.2.66 £2 2
T.H.C. Trustees Ltd. 100 26.4.66 £2 2
Throughways Transport Ltd. 17 24.10.66 £750 750
British Transport Docks Board
George Palmer & Son (Stevedores) Ltd. 100 27.4.66 £37,563 37,563
British Railways Board
British Rail-Continental Ltd. 100 27.6.66* £2 2
* Formerly a holding of Britravel Nominees Ltd.
2. POWER
The figures given for electricity, gas and coal by the Ministry of Power in reply to the hon. Member for Cirencester and Tewkesbury on 21st November, 1966 [Hansard Col. 241–242] will next be revised at the end of the financial year 1966–67. The table below details shareholdings of the Gas Council which were not available for the Minister's Answer to the hon. Member for Cirencester and Tewkesbury (Mr. Ridley).
THE GAS COUNCIL
HOLDINGS OF INVESTMENTS BY THE GAS COUNCIL AND AREA GAS BOARDS AT 31ST MARCH, 1966
Gas Board Company Book Values Percentage Ownership Date of Acquisition
£ Per cent.
Scottish W. G. Readdie & Co. Ltd. 1,850 100 Vesting date
British Creosote Co. Ltd. 988 3 1956
Scottish Tar Distillers Ltd. 113,437 22 1953–61
Benzole Producers Ltd. 1 2 1953
Northern Northern L.P. Gas Ltd. 500 50 1964
Benzole Producers Ltd. 1 2 1953
North Western Benzole Producers Ltd. 1 2 1953
North Eastern Yorkshire Tar Corporation Ltd. 32,898 13 1955–65
Benzole Producers Ltd. 1 2 1953
East Midlands The Midland Tar Distillers Ltd. 73,933 5 1952–60
Yorkshire Tar Corporation Ltd. 58,326 12 1955–65
Benzole Producers Ltd. 1 2 1953
West Midlands The Midland Tar Distillers Ltd. 624,144 37 1950–60
Benzole Producers Ltd. 1 2 1953
Wales The Midland Tar Distillers Ltd. 16,575 1 1953
Benzole Producers Ltd. 1 2 1953
Eastern Printar Industries Ltd. 254,918 45 Vesting date to 1960
P. R. Chemicals Ltd 6,999 6 Vesting date to 1961
Benzole Producers Ltd. 1 2 1953
North Thames Salamon & Co. Ltd 57,335 53 1955
Commercial Gas Pension Fund Trustee corporation 4 100 Vesting date
London Tar & Chemical Co. Ltd. 2 100 1961
United Analysts Ltd 5,473 50 Vesting date
Benzole Producers Ltd. 1 2 1953
South Eastern South Eastern Tar Holdings Ltd. 311,101 100 Vesting date to 1962

the Government has an indirect shareholding through public corporations or nationalised industries; and what is the value and number of shares held in each case.

Mr. Diamond

The required information is listed below.

Gas Board Company Book Values Percentage Ownership Date of Acquisition
South Eastern—cont. £ Per cent.
Gas Efficiencies Ltd. 1 100 Vesting date
Greater South London Gas Corporation Ltd. 75 100 Vesting date
Croydon Gas Pension Fund Trustee Co. Ltd. 8 100 Vesting date
B. H. and W. G. Trustee Corporation 5 100 Vesting date
South Eastern Gas Board Trustee Co. Ltd. 3 100 1955–60
P. R. Chemicals Ltd. 8,175 7 Vesting date to 1964
Benzole Producers Ltd. 1 2 1953
Southern Chapel Tramway Co. Ltd. 1 75 Vesting date to 1953
South Western Tar Distilleries Ltd. 194,731 100 1952–63
P. R. Chemicals Ltd. 2,132 2 Vesting date to 1955
Benzole Producers Ltd. 1 2 1953
South Western Bristol and West Tar Distillers Ltd. 743,144 100 1952–61
Plymouth Tar Distilleries Ltd. 193,124 100 1952–61
Bristol (Tar and Chemicals) Trading Ltd. 4 100 1962
Benzole Producers Ltd. 1 2 1953
Gas Council British Methane Ltd. 50 50 1958
Methane Services Ltd. 50 50 1962
Benzole Producers Ltd. 1 2 1953
Notes:
1. In all cases the holdings are of shares.
2. Shares in four of the companies listed above are held by a number of boards: the totals of these holdings are set out below.

Company Total percentage ownership by the gas industry
Per cent.
Yorkshire Tar Corporation Ltd. 25
Midland Tar Distillers Ltd. 43
P. R. Chemicals Ltd. 15
Benzole Producers Ltd. 23
3. The Gas Industry also has investments in certain quoted overseas companies, quoted United Kingdom companies and unquoted United Kingdom companies. The value of the holdings at 31st March, 1966, appears in the books of the Boards concerned as £16,375, £43,945 and £2,551 respectively.
3. AVIATION
The table below brings up to 1st January, 1967, the figures given by the President of the Board of Trade in reply to the hon. Member for Cirencester and Tewkesbury (Mr. Ridley) on 21st November, 1966—[Vol. 736, c. 247–50].
British Overseas Airways Corporation
Bahamas Airways Ltd.—the holding is £42,500.
International Aeradio Ltd.—the holding is £225,000.
Malaysian Airways Ltd. are now known as Malaysia Singapore Airlines.
The holding of £250,000 3 per cent. Stock 1975 in East African Airways Corporation has been redeemed, and of the minor investments that in Air Corporations Joint Medical Service no longer applies.

OTHER PUBLIC CORPORATIONS
1. COMMONWEALTH DEVELOPMENT CORPORATION
At the end of 1965 the Commonwealth Development Corporation had shares in other companies overseas with a nominal value of £21,420,400. These are noted in the Corporation's annual report for 1965 which was presented to Parliament.
2. NATIONAL FILM FINANCE CORPORATION
Value Number of Shares
British Lion Films Ltd. £1 1
Energy Conversion Ltd. £30,000 30,000
Hovercraft Development Ltd. £1,600 1,600
F.N.R.D. Ltd. £510 510
Dracone Development Ltd. £399 399
British Hovercraft Corporation Ltd. £500,000 500,000
British Hovercraft Association Ltd. £100 100
Technograph Printed Circuits Ltd. £28,294 28,294
G.N.R.D. Patent Holdings Ltd. £50 50
C.C.V. Patent Holdings Ltd. £1 1

4. BRITISH BROADCASTING CORPORATION
Value Number of Shares
Visnews Ltd. £48,000
5. CABLE AND WIRELESS LTD.
Company Shareholding Per cent.
Sierra Leone External Telecommunications Ltd. 49 122,500
East African External Telecommunications Co. Ltd. 40 260,000
Nigerian External Telecommunications Ltd. 49 421,400
Companhia Portuguesa Radio Marconi 46 343,815
Companhia Radiotelegrafica Brasileria 18.5 166,243
The Direct Spanish Telegraph Co. Ltd. 45 9,000
Transradio International Compania Argentina de Telecommunicaciones S.A. 15.5 7,011
Transradio Chilena Compania de Telecomunicaciones S.A. 24.5 478,860
Additionally there are minor holdings in:
Radio Suisse—50 shares.
The Great Northern Telegraph Co. Ltd.—60 shares.
The Great Northern Telegraph Co. Ltd. Holding Cp.—60 shares.