HC Deb 16 December 1968 vol 775 cc277-89W
Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer (1) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 16.6 per cent. increase in total distributions during the last accounting period by Phil-black Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(2) if he will set out in the OFFICIAL REPORT The calculations which led him to decide that the 14.3 per cent. increase in total distributions during the last accounting period by Denry Mott and Dickson Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(3) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 37.5 per cent. increase in total distributions during the last accounting period by United Gas Industries was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(4) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 8 per cent. increase in total distributions during the last accounting period by Bulmer and Lumb (Holdings) Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

(5) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 33. 3 per cent. increase in total distributions during the last accounting period by Bambergers Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(6) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 28.6 per cent. increase in total distributions during the last accounting period by F. Wrighton Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(7) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 15.6 per cent. increase in total distributions during the last accounting period by Redland Holdings Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(8) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 12.5 per cent. increase in total distributions during the last accounting period by Hawthorn Baker Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(9) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 23.1 per cent. increase in total distributions during the last accounting period by Calor Gas Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(10) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 100 per cent. increase in total distributions during the last accounting period by Caledon Shipping Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(11) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 20 per cent. increase in total distributions during the last accounting period by Brick Investments Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(12) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 40 per cent. increase in total distributions during the last accounting period by Blackwood Morton Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(13) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 25 per cent. increase in total distributions during the last accounting period by Fairey Company Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(14) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 100 per cent. increase in total distributions during the last accounting period by Watshams Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(15) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 14.3 per cent. increase in total distributions during the last accounting period by Renwick Wilton and Dobson Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(16) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 66.6 per cent. increase in total distributions during the last accounting period by Johnsons H.P.L. Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(17) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 9 per cent. increase in total distributions during the last accounting period by W. G. Allen and Sons Limited (Tipton) was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(18) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 40 per cent. increase in total distributions during the last accounting period by Henry Wigfall Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(19) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 14.3 per cent. increase in total distributions during the last accounting period by Carreras Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(20) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 14.4 per cent. increase in total distributions during the last accounting period by Hampson Jig Tool Company Limited was in conformity with the Government's proposed 3½ per cent ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(21) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 33.3 per cent. increase in total distributions during the last accounting period by Imperial Tea Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(22) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 50 per cent. increase in total distributions during the last accounting period by Jacksons Millboard was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(23) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 20 per cent. increase in total distributions during the last accounting period by Airfix Industries Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(24) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 40 per cent. increase in total distributions during the last accounting period by Estates and Agency Holdings Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(25) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 61 per cent. increase in total distributions during the last accounting period by Amari Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(26) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 7 per cent. increase in total distributions during the last accounting period by Melbray Group was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(27) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 30.8 per cent. increase in total distributions during the last accounting period by May and Hassell Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(28) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 60 per cent. increase in total distributions during the last accounting period by Hensher (Furniture Trades) Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(29) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 20 per cent. increase in total distributions during the last accounting period by Westbrick Products Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

All these companies did no more than restore dividends to the level of some earlier year. Their actions, therefore, conform with the Government's dividend restraint scheme as set out in paragraph 54 of Cmnd. Paper 3590.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer, (1) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 28.6 per cent. increase in total distributions during the last accounting period by John Waddington Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(2) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 46 per cent. increase in total distributions during the last accounting period by Hepworth Iron was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(3) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 11.1 per cent. increase in total distributions during the last accounting period by Dowry Group Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(4) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 5 6 per cent. increase in total distributions during the last accounting period by Telefusion Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

These companies declared dividends to which they were committed by irrevocable actions taken before the Budget. Their dividends, therefore, conform with the Government's dividend restraint scheme as explained in my announcement to the House on 25th March.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer, (1) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 50 per cent. increase in total distributions during the last accounting period by Antiference Group Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(2) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 7.7 per cent. increase in total distributions during the last accounting period by Gnome Photographic Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

(3) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 25 per cent. increase in total distributions during the last accounting period by A. F. Stoddart Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(4) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 500 per cent. increase in total distributions during the last accounting period by Holiday Group Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

(5) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 13.6 per cent. increase in total distributions during the last accounting period by Canning and Wildblood Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

(6) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 44 per cent. increase in total distributions during the last accounting period by Geo. Clarke (Motors) Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

These are close companies whose distributions have a degree of exemption from dividend restraint, as noted in paragraph 55 of Command Paper 3590.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer (1) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 33.3 per cent. increase in total distributions during the last accounting period by Eden Dairy Shoe Company Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(2) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 11 per cent. increase in total distributions during the last accounting period by Hammond Lane Foundry was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(3) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 13.1 per cent. increase in total distributions during the last accounting period by P. J. Carroll Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(4) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 17.5 per cent. increase in total distributions during the last accounting period by Central Hotel Company Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

These companies are not incorporated under the law of any part of the United Kingdom. Dividend restraint cannot, therefore, apply to them as indicated in paragraph 55 of Command Paper 3590.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 150 per cent. increase in total distributions during the last accounting period by Edinburgh Ice Rink Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

This company restored its distributions to the level of two years ago as provided for in paragraph 54 of Command Paper 3590.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 3. 56 per cent. increase in total distributions during the last accounting period by Affiliated Cleaners Limited was in conformity with the Governments proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

The total dividend was in fact 3.49625 per cent. above the amount distributed for the preceding year.

Mr. Bruce-Gardyne

asked the Chencellor of the Exchequer if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 90 per cent. increase in total distributions during the last accounting period by Rank Precision Industries Ltd. was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

The Ordinary shares in this company are held by other companies, and its distributions are therefore exempted from dividend restraint as noted in paragraph 55 of Command Paper 3590.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer (1) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 107 per cent. increase in total distributions during the last accounting period by Saville Gordon Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess;

(2) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 33.3 per cent. increase in total distributions during the last accounting period by Solent Carpet Company Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

These companies are newly floated. Their dividends were determined after consultation with the Treasury in the light of prospectus commitments.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 3. 7 per cent. increase in total distributions during the last accounting period by Diac Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

As a result of a waiver of dividend, this company's total distribution in money terms for last year did not exceed the previous year's dividends by more than 3½ per cent.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 6.6 per cent. increase in total distributions during the last accounting period by Hume Holdings Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

This company is a recognised investment trust whose distributions are exempted from dividend restraint as noted in paragraph 55 of Command Paper 3590.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer, if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 20 per cent. increase in total distributions during the last accounting period by Manchester Dock and Warehouse Extension Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

This company paid the same rate of dividend for its last year as had been paid in respect of four earlier years. The amount of money distributed was less than for the preceding year, after taking account of capital which had been cancelled, not repaid.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer, if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 13 per cent. increase in total distributions during the last accounting period by Southerns Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

As a result of waivers of dividends the distributions of this company in money terms did not exceed the amount distributed in the preceding year by more than 3½ per cent.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer, if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 12.5 per cent. increase in total distributions during the last accounting period by London and County (A. & D.) Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

This is a close company which has a degree of exemption from dividend restraint as indicated in paragraph 55 of Command Paper 3590.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer if he will set out in the OFFICIAL REPORT the calclulations which led him to decide that the 75 per cent. increase in total distributions during the last accounting period by Atkins Bros. (Hosiery) Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

The hon. Gentleman appears to have made a comparison between seven-month and twelve-month accounting periods. The company's total dividends for last year were the same as for two earlier full years.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 7 per cent. increase in total distributions during the last accounting period by Braham, Patterson and Benham Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

This company restored its total dividend for last year to the level declared for an earlier year.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 3.52 per cent. increase in total distributions during the last accounting period by Eden Fisher Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

The total dividend of 10.8675 per cent. declared by this company was exactly 3½ per cent. more than the total for the previous year.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 3.52 per cent. increase in total distributions during the last accounting period by Siebe Gorman Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will give an assurance that no action will be taken to recover the excess.

Mr. Diamond

The total dividend of this company for its last year was exactly 3.466456 per cent. above the amount for the preceding year.