§ 50. Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he will give for the longest convenient stated period of time full details of the companies which have been permitted to increase their dividends above the Government's norm, the reasons for this and the amounts of such increases over previous and stated dividends; and whether he will include particulars of the recent proposals concerning Hoover Limited.
§ Mr. Harold LeverBetween 19th March, 1968, and 28th February, 1969, the following numbers of companies obtained Treasury clearance for dividend increases of more than 3½ per cent. above the levels of immediately preceding account years:
(i) In order to resist published takeover bids 27 (ii) When increased dividends provided the only means of maximising remittances from overseas 12 (iii) In order not to enforce a reduction in another company's dividend under a binding legal agreement 1 In the same period over 3,000 dividends were announced by quoted companies.
254WHoover Limited has announced a dividend for 1968 which does not exceed the level paid in earlier years. Treasury consent was given pursuant to paragraph 54 of Command Paper 3590.