§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer whether, in view of the fact that he expects public companies to conform to the Government's 237W proposed ceiling on dividend increase, he will now publish in the OFFICIAL REPORT his definition of what constitutes, and what does not constitute, a firm pre-Budget commitment by a public company; and if he will relate this definition to the cases of Rio Tinto Zinc Limited and Lex Garages Limited.
§ Mr. DiamondThe definitions of what constitute firm pre-Budget commitments on dividends for the purposes of the voluntary dividend restraint policy have already been made known. Rio Tinto Zinc Limited issued additional ordinary shares in exchange for other companies' equities and undertook to pay certain future dividends in respect of the shares so issued. Lex Garages Limited did not issue any additional ordinary shares in exchange for assets of any kind.