§ Mr. Bishopasked the Chancellor of the Exchequer if he will list in the OFFICIAL REPORT those private companies or undertakings in which the Government have a financial interest, or to which they have made grants; if he will state the amount and percentage of the holding and of the grants, respectively, and under what legislation such was made; what representations he has on the boards or controlling body of such companies; and whether he considers such to be adequate in relation to the amount of public money invested.
§ Mr. Higgins, pursuant to his reply [OFFICIAL REPORT, 21st November 1973, Vol. 864, c. 444–5], gave the following information:
This Question could only be answered fully at the cost of disproportionate time and effort. However, details are given below of private companies and undertakings in which the Government hold shares and of those companies to which the Government have made substantial grants since June 1970. The answer to the last part of the hon. Gentleman's question is "Yes".
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Name of Company Number of shares held Percentage of the respective share class represented by shareholding Number of Government nominated directors (a) Legislation % Beagle Aircraft Limited (in liquidation) 1,000,000 £1 Ordinary shares … … 100 — Civil Aviation Act 1949 as amended by Industrial Expansion Act 1968 British Nuclear Design & Construction Limited 260,000 £1 Ordinary shares … … 26 1 Industrial Reorganisation Corporation Act 1966 and Industry Act 1971 British Petroleum Company Limited … 186,092,307 Ordinary £1 stock … 48.2 2 Anglo-Persian Oil Company (Acquisition of Capital) Act 1914 1,000 £1 8% Cumulative First Preference stock 0.01 British Sugar Corporation(b) … … 1,125,000 £1 Ordinary shares … … 11.25 Chairman and 2 others Trade Facilities Acts 1921–26 Brown Bayley Limited … … … 2,400,000 £1 Ordinary shares … … 100 — Industrial Reorganisation Corporation Act 1966 and Industry Act 1971 Cammell Laird Shipbuilders Limited(c) 1,500,000 £1 Ordinary shares … … 50 — No specific legislation George Kent Limited … … … 3,017,577 Ordinary shares of 50p … 19.79 — Industrial Reorganisation Corporation Act 1966 and Industry Act 1971 1,244,180 Deferred Ordinary shares of 50p 59.07 Govan Shipbuilders Limited … … 5,000,000 £1 Ordinary shares … … 100 — Industry Act 1972 International Computers (Holdings) Limited 3,500,000 £1 "C" Ordinary shares … 100 1 Industrial Expansion Act 1968 Itabira Iron Ore Company Limited (in liquidation) 61,220 £1 First Preferences shares … 100 — Wartime measure 1942 380,000 £1 Second Preference shares … 100 493,982 £1 Ordinary shares … … 100 Kearney & Trecker Marwin Limited(d) 300,000 Redeemable Convertible "A" Third Preference shares of £1 9.1(e) — Industrial Reorganisation Corporation Act 1966, Industry Act 1971 and Industry Act 1972 100,000 8½% Redeemable Convertible "B" Preference shares of £1 400,000 7½% Redeemable Participating non-convertible Fourth Preference shares of £1 Norton Villiers Triumph Limited … 3,500,000 £1 "A" Preference shares … 20.2 — Industry Act 1972 1,372,000 "B" Convertible shares … Nuclear Enterprises Limited … … 7,353 £1 "B" Ordinary shares … 100 — Industrial Reorganisation Corporation Act 1966 and Industry Act 1971 Rolls Royce (1971) Limited … … 30,000,000 £1 Ordinary shares … 100 — Rolls Royce (Purchase) Act 1971
Name of Company Number of shares held Percentage of the respective share class represented by shareholding Number of Government nominated directors(a) Ligislation % SB (Realisations) Limited … … 42,050 5% Redeemable Cumulative £1 Preference shares 100 — Treasury Vesting Order on Short Bros. (Rochester) Limited issued in 1943 under Defence Regulations 581,302 25p Ordinary shares … … 100 250,000 25p "A" Ordinary shares … 100 Suez Finance Company … … … 645,591 FF100 Capital shares … 9.73 1 The Suez Canal (Acquisition of Shares Act 1876 Toplis & Harding (Middle East) Limited (in liquidation) 998 50p shares … … … … 99.7 — Appropriation Act 1965 Upper Clyde Shipbuilders Limited (in liquidation) 875,000 £1 Ordinary shares … … 17.50 — Shipbuilding Industry Act 1967 12,000,000 25p shares … … … 100 Welsh Highland Light Railway (in liquidation) 5% Debenture Stock (£35,774) … 42.09 — Light Railway Act 1896 482W
Name of Company Amount of Grant Number of Government nominated directors Legislation £ Govan Shibuilders Limited … … … … 1,100,000 — Industry Act 1972 Mersey Docks and Harbour Company … … 1,750,000 3 Industry Act 1972 Notes: This table covers all the shareholdings held by Government Departments except for a number of small groups of shares held mainly by the Ministry of Agriculture, Fisheries and Food in mixed agricultural enterprises such as agricultural co-operatives. Their total nominal value is very small. Launching aid, grants made under general schemes, grants made by the Shipbuilding Industry Board, and grants below £500,000 have been excluded. (a) Where the Government has a substantial shareholding it has a corresponding influence on appointments to the Board. (b) The Sugar Board holds an additional 2,500,000 £1 Ordinary Shares. (c) The Public Trustee holds these shares on behalf of the Secretary of State for Trade and Industry. (d) Previously Kearney & Trecker Limited. (e) This will be the percentage of the Government's holding in the new company on full conversion.