Orders of the Day — Finance Bill

Part of the debate – in the House of Commons at 12:00 am on 23 May 1944.

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Photo of Mr Alfred Edwards Mr Alfred Edwards , Middlesbrough East 12:00, 23 May 1944

I am very much concerned about this. Some of us on this side have difficulty in addressing the House because we feel that we have a system which ultimately will succeed the other one, and which will be more efficient, but we realise that in the meantime we have to make the best of the present system. I agree that, at present, we have to keep our equipment at the highest possible level of efficiency. Recently I talked to a gentleman who controls one of the big combines, and we discussed the difference between the attitude of some of us, at any rate, in my party and that of this gentleman and his friends. I said that I was not much concerned about our big combines: I felt that they were doing most of our work for us, and, when the majority of the people Thought that we should take control, it would be easy to take over their shares. Until the majority of the people were intelligent enough to do that, it was necessary to keep them running efficiently. I hope that it will not be thought that we are against spending money on capital equipment, but I think that the Chancellor should reintroduce a Bill, which we once had, for limiting dividends. With the limitation of dividends, I think no harm will come to us. But—and this is a subject which the hon. Member for East Willesden understand—if you increased your capital value, which at some time would be sold, at Government expense, it would be very unfair. There was a period in the industrial history of this country which was positively disgraceful. To write up the value of equipment ten times, and receive public money, and then write off old p ant at Government expense, is a very serious matter.