British Farina Mills, Limited.

Oral Answers to Questions — British Army. – in the House of Commons on 1st March 1922.

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Photo of Mr William Royce Mr William Royce , Holland with Boston

77.

asked the Minister of Agriculture whether the Government holding of £350,000 debentures in the British Farina Mills, Limited, has been redeemed; if so, at what date and by what means; if the Government is still financially interested in this venture; if so, to what extent; whether the Government has been legally represented in any litigation or liquidation proceedings concerning this company; and, if so, by whom and at what cost?

Photo of Sir William Mitchell-Thomson Sir William Mitchell-Thomson , Glasgow Maryhill

I have been asked to reply. The Government are financially interested in the British Farina Mills, Ltd., as debenture-holders to the amount of £322,573 13s. 6d., and as shareholders to the amount of £25,000. The debentures have not yet been redeemed; the company is in liquidation, and a receiver has been appointed on behalf of the debenture-holders. The answer to the penultimate part of the question is in the negative; the last part does not, therefore, arise.

Photo of Mr William Royce Mr William Royce , Holland with Boston

If the debentures have not been redeemed, why are they not included in the returns published by the Government?

Photo of Mr William Ormsby-Gore Mr William Ormsby-Gore , Stafford

What has been the total net loss to the British taxpayer in respect of this company?

Photo of Sir William Mitchell-Thomson Sir William Mitchell-Thomson , Glasgow Maryhill

The company is in liquidation, and a receiver has been appointed on behalf of the debenture-holders.

Photo of Mr John Rawlinson Mr John Rawlinson , Cambridge University

Is not the total loss estimated at £500,000, and is it not the fact that not £5 worth of food was ever produced at this unfortunate factory?