§ Mr. Gryllsasked the Secretary of State for Industry when he purchased shares in the Itabira Iron Ore Company; at what cost and what percentage of the equity they represent; what percentage return is represented by the £104,648 he received during 1977–78 from the Official Receiver; and if he expects to receive further payments during 1978–79 and 1979–80.
§ Mr. Les HuckfieldThe Government acquired compulsorily all the shares in the Itabira Iron Ore Company in March 1942 in order that this source of supply might be secured and developed in wartime. Compensation amounting to £126,348 was paid to the shareholders. The Itabira Iron Ore Company had a shareholding in Brasilera de Minerias e Siderugia SA, and when this company was taken over by the Brazilian Government they agreed to compensate the shareholders and in this respect the Government have received payments in 1959 of £24,000 and £104,648 in 1977–78, the latter representing a return of 83 per cent. calculated on the compensation paid to the shareholders of the Itabira Iron Ore Company by the Government. No other payments are expected.