HC Deb 14 February 1968 vol 758 cc384-7W
Mr. Ridley

asked the Chancellor of the Exchequer whether he will publish in the OFFICIAL REPORT details of the dates of acquisition of the State holdings of equity capital listed in his answer to the hon. Member for Cirencester and Tewkesbury on 18th July, 1967, the purpose for which these holdings were

Company Equity holding Percentage of total equity Date of and reason for acquisition Current market value (at 12.2.68) Notes
British Petroleum Ltd., £174,461,538 48.9 1914 and subsequent additions; defence £575,723,075 Further shares were acquired in 1919 and through bonus and rights issues in later years.
British Sugar Corpn., 1,125,000 shares of £1 each 11.25 1936; to safeguard the sugar beet industry £1,441,406 5s.
Cable & Wireless, Ltd. 30,000,000 shares of £1 each 100 1938; H.M.G. took a holding in lieu of rent for C & W's use of Beam Wireless Stns; remaining shares acquired under Cable & Wireless Act, 1946 Unquoted Balance sheet valuation £57,639,777.
Cunard Steamship Co. Ltd., £66 negligible 1903; to safeguard Government loan to Company £43
Compagnie Financiere de Sues 494,695 capital shares of FF 100 each 20.5 1958; in exchange for H.M.G's interest in the former Suez Canal Comp. 1,928,910 FF
Societe d'investissements mobiliers 20 capital shares of FF 100 each negligible 1955; to manage a proportion of the reserves of the Suez Canal Co. in which H.M.G. held an interest 6,080 FF
Itabira Iron Ore Co. Ltd., 493,982 shares of £ leach 100 1942; to maintain supplies of iron ore for the steel industry Unquoted In liquidation, the terms of compensation are under negotiation with the Brazilian Government.
Fairfields (Glasgow) Ltd. £530,000 50 1965; to prevent closure of the yard when whole future of shipbuilding industry was under examination: to provide a proving ground for new experiments in industrial relations Unquoted Exchanged for a 17.5% share of the equity of Upper Clyde Shipbuilders Ltd., February, 1968.

acquired, and their estimated current market value.

Mr. Diamond:

The following is the information sought:

Company Equity holding Percentage of total equity Date of and reason for acquisition Current market value {at 12.2.68) Notes
S.B. (Realisations) Ltd. 581,302 shares of 5s. each. 250,000 "A" shares of 5s. each 100 1943: Defence Unquoted S.B. (Realisations) Ltd., owns 69.5% of the share capital of Short Brothers and Harland unquoted.
Power Jets (R&D) Ltd. 200,000 shares of £1 each 100 1944: Defence Unquoted The Company now exists solely to hold gas turbine patents on behalf of the Ministry of Technology.
Toplis & Harding (Middle East) Ltd., 997 shares of 10s. each 99.7 To support a company acting as agents for British nationals with claims against the U.A.R. in the post-Suez period Unquoted Now 998 shares and 99.8% of equity.