asked the Chancellor of the exchequer the present value of the shares held by the Treasury in the Anglo-Persian Oil Company, together with the number of shares held in it the amount received in dividends during the past year; and will he give the total amount of dividends received by His Majesty's Government on these shares since November, 1923?

Mr. SAMUEL:

The present market value of the Government's holding of shares and debentures in the Anglo-Persian Oil Company is approximately £32,773,500. The holding consists of 7,500,000 ordinary shares of £1; 1,000 8 per cent. preference shares of £1; and £199,000 5 per cent. debenture stock. The amount received in dividends during the current financial year is £572,530; and in the period since November, 1923, £4,019,507 9s. 4d.

Will the hon. Gentleman tell us bow many of that number of shares are bonus shares?

Mr. SAMUEL:

No, I cannot off-hand. That question should be put on the Paper and I will try to ascertain.

Does not the answer throw a rather curious light on the answer of the oil companies?

Have they paid any Income Tax on these dividends?

Mr. SAMUEL:

Of course Income Tax is paid on the dividends of a trading company.

Did the Government pay any Income Tax on what they got?

Mr. SAMUEL:

If the hon. Member will reflect a moment, he will see that that would lead nowhere, because it would simply mean paying out of one pocket into the other.

Were the fees of the Government directors paid back to the Treasury?

That point does not arise out of the question.