§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer (1) whether, in considering the application for Treasury consent to the American Tobacco Company's bid for control of Gallaher Limited he will take into account the report of the City Takeover Panel, details of which have been sent to him, regarding the circumstances of the bid;
(2) whether, in considering the application for Treasury consent to the American Tobacco Company's bid for control of Gallaher Limited, he will take into account the long-term effect of interest payment on such a direct investment by a United States firm on the United Kingdom balance of payments;
(3) whether, in considering the application for Treasury consent to the American Tobacco Company's bid for control of Gallaher Limited, he will take into account the possible long-term effect of the passage of Gallaher Limited into United States control on the sources of tobacco supply for the United Kingdom market;
(4) whether, in considering the application for Treasury consent to the American Tobacco Company's bid for control of Gallaher Limited, he will take into account the fact that the bid is not financed in dollars convertible into gold.
§ Mr. Roy JenkinsTreasury consent is required under Sections 9 and 30 of the Exchange Control Act, 1947. In considering the application, I shall take all relevant factors into account.