HC Deb 17 December 1968 vol 775 cc330-42W
Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer what was the outcome of his scrutiny of the proposed 40 per cent. interim dividend payment by Brock Alarms Limited; and if he will give an assurance that he will take no steps to restrain or recover the payment of such an interim dividend.

Mr. Diamond

This is a newly quoted company which declared its first dividends for the year ended June, 1968 after consultation with the Treasury and in the light of the commitments in a pre-Budget prospectus.

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 50 per cent. increase in total distributions during the last accounting period by Melody Mills 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 declared a dividend of 9 per cent. on new capital, publicly held, as compared with 20 per cent. in the previous period on its privately held capital.

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 57 per cent. increase in total distributions during the last accounting period by Strand Electric 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 offered total dividends of 25 per cent. as compared with 16½ per cent. in the previous year, in the course of resisting a takeover bid. The Treasury was consulted.

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 21. 4 per cent. increase in total distributions during the last accounting period by W. Tyzack and Turner 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 25 per cent. increase in total distributions during the last accounting period by M. L. Holdings Limited was in conformity with the Government's proposed three-an-half 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 100 per cent. increase in total distributions during the last accounting period by Western Credit Limited was in conformity with the Government's proposed three-an-half 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 25 per cent. increase in total distributions during the last accounting period by Harry Vincent 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 33⅓ per cent. increase in total distributions during the last accounting period by Cornwall Property 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 17. 1 per cent. increase in total distributions during the last accounting period by Homfray Limited was in conformity with the Government's proposed three-and-a-half 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 12½ per cent. increase in total distributions during the last accounting period by J. &F. Stone Limited was in conformity with the Government's proposed three-and-a-half 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 11. 5 per cent. increase in total distributions during the last accounting period by Falks Limited was in conformity with the Government's proposed three-and-a-half 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 16. 6 per cent. increase in total distributions during the last accounting period by Hicking Pentecost 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 33⅓ per cent. increase in total distributions during the last accounting period by Thomas Ratcliffe 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;

(11) 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 John Brown Limited was in conformity with the Government's proposed three-and-a-half 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 20 per cent. increase in total distributions during the last accounting period by John Sadd Limited was in conformity with the Government's proposed three-and-a-half 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 50 per cent. increase in total distributions during the last accounting period by Mitchell Somers Limited was in conformity with the Government's proposed three-and-a-half 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 Doxford and Sunderland 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 8. 3 per cent. increase in total distributions during the last accounting period by Burt Barlton and Hayward 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 20 per cent. increase in total distributions during the last accounting period by Tame Valley 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 20 per cent. increase in total distributions during the last accounting period by Oldham & Son 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;

(18) 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 Wm. Evans (Manchester) 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 20 per cent. increase in total distributions during the last accounting period by Yatton Furniture 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 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 7 per cent. increase in total distributions during the last accounting period by Willows Francis 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 4.1 per cent. increase in total distributions during the last accounting period by Wiles 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;

(3) if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 10. 3 per cent. increase in total distributions during the last accounting period by Benjamin Priest and Sons 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 10 per cent. increase in total distributions during the last accounting period by George Kent Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if 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 6 per cent. increase in total distributions during the last accounting period by Norwest Construction 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 25 per cent. increase in total distributions during the last accounting period by Montague L. Meyer 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.1

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer (1) if he will set 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 W. H. Paul Limited was in conformity with the Government's proposed three-and-half 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 25 per cent. increase in total distribution during the last accounting period by H. R. Howard and Sons Limited was in conformity with the Government's proposed 3½ per cent. ceiling on dividend increases; and if he will given an assurance that no action will be taken to recover the excess.

Mr. Diamond

These companies partially restored their dividends to the levels of earlier years, as provided for in paragraph 54 of Command Paper 3590, and in addition some dividends were waived.

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 25 per cent. increase in total distributions during the last accounting period by J.& L. F. Goodbody 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 18 per cent. increase in total distributions during the last accounting period by Edworks (1936) 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 be will set out in the OFFICIAL REPORT, The calculations which led him to decide that the 33⅓ per cent. increase in total distributions during the last accounting period by A. A. Saunders 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 100 per cent. increase in total distributions during the last accounting period by Booth Poole 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 25 per cent. increase in total distributions during the last accounting period by Armstrong Equipment 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 partially restored its dividends to the level of an earlier year, as provided for in paragraph 54 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 63 per cent. increase in total distributions during the: last accounting period by Wades Department Stores 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 8. 75 per cent. increase in total distributions during the last accounting period by Parker Timber 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 7. 1 per cent. increase in total distributions during the last accounting period by Kent Castings 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 16. 6 per cent. increase in total distributions during the last accounting period by London and Edinburgh 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.

(5) 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 John Heathcoat 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 if he will set out in the OFFICIAL REPORT the calculations which led him to decide that the 13. 3 per cent. increase in total distributions during the last accounting period by Empire Rib Company Limited was in conformity with the Government's proposed three-and-a-half 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 partially resorted its distributions to the level of an earlier year 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 7T per cent. increase in total distributions during the last accounting period by Ellis and Sons Amalgamated Properties 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.

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 25 per cent. increase in total distributions during the last accounting period by Cantors Limited was in conformity with the Government's 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, coupled with its status as a close company, this company has complied with the requirements of the dividend restraint scheme.

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 3. 85 per cent. increase in total distributions during the last accounting period by Customagic 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 20 per cent. increase in total distributions during the last accounting period by Adams Butter 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 these companies in money terms did not exceed the amount distributed in the preceding years 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 11 per cent. increase in total distributions during the last accounting period by Joseph Webb 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 whose dividends for last year were also affected by a pre-Budget prospectus. Its total distributions have not therefore conflicted with the requirements of the dividend restraint scheme.

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 4. 8 per cent. increase in total distributions during the last accounting period by Huelva Securities 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 3. 6 per cent. increase in total distributions during the last accounting period by Leonard Leigh Interests 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 7. 1 per cent. increase in total distributions during the last accounting period by English, Scottish and Australian Bank 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

In conformity with my explanation of dividend restraint policy to the House on 25th March, this company was allowed to increase its dividend as the only means open to it for maximising remittances from overseas.

Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer if he will set out the calculations which led him to decide that the 3. 54 per cent., 50 per cent., 111 per cent., 33. 3 per cent. and 16. 6 per cent. increases in total distributions during the last accounting period by Avenue Close Limited, Grossmith Agricultural Industries Limited, Hanimex Limited, Ingall Parsons Clive Limited, and Samuelson Film Service Limited, respectively, were 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 in any of those cases to recover the excess.

Mr. Diamond

Avenue Close Limited and Samuelson Film Service Limited are close companies. Grossmith Agricultural Industries. Limited and Ingall Parsons and Clive and Company Limited restored their dividends to the levels of earlier years. Hanimex Corporation Limited is not incorporated under United Kingdom law. In none of these cases has there been any conflict with the requirements of dividend restraint as set out in Command Paper 3590.

Mr. Brace-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 50 per cent. increase in total distributions during the last accounting period by Parnell 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.

Mr. Diamond

This company declared dividends to which it was committed by irrevocable actions taken before the Budget. Its 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 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 Park Cake Bakeries 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 partially restored its total dividend to the level of an earlier year 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 32. 6 per cent. increase in total distributions during the last accounting period by William Dolan (Boxes & Cartons) 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.