Mr William Briggs: 53. asked the Chancellor of the Exchequer what losses have been incurred under the Trade Facilities Acts of the capital sums guaranteed; what is the total sum for which the State is responsible of the capitalised value of the interest upon such capital losses; and if a company having a guarantee defaults on its interest, what action do the Treasury take?
Mr William Briggs: 57. asked the Chancellor of the Exchequer what is the total capital sum guaranteed up to date under the Trade Facilities Acts; what is the capitalised liability for interest on such capital sum; have any of the guarantees expired and, if so, to what amount; and dc the Treasury obtain any lien upon a company's assets in return for giving a guarantee?
Mr William Briggs: May I ask the right hon. Gentleman whether he does not consider that it would be advisable to guarantee only the capital, and not the dividends?
Mr William Briggs: Is the right hon. Gentleman aware that these guarantees are not merely as to capital but also as to interest, and does he consider that what is practically a guarantee of dividend is an inducement to this firm to put forward their best efforts?
Mr William Briggs: (by Private Notice) asked the Chairman of the Kitchen Committee whether it was a fact that, at the Kitchen Committee meeting this afternoon, it was to be decided whether or not the present Members' Smoking Room and Chess Room should be converted into an additional dining room, and the present Tea Room into a Members' Smoking Room, and whether the Kitchen Committee had taken steps to obtain...
Mr William Briggs: The hon. Member for Burnley (Mr. Irving) has already told us that his party are not unanimous in supporting the Resolution of the hon. Member for Colne Valley (Mr. Snowden). Whatever the party opposite may think and say, at any rate they are not in agreement with regard to the methods by which the industry of this country is going to be conducted in the future. They are not in agreement in...
Mr William Briggs: Then we will take it at that. What is it that we are to look for for the betterment of the workers? I have perused many books in order to try and discover that, and I must acknowledge that I was most indebted to a work by Sir Lynden Macassey, "Labour Policy, False and True." As far as I could judge from those different books, one could put the desires of the workers under three short...
Mr William Briggs: I grant that they would welcome anything, because they are hoping that the suggestion of hon. Members opposite may be a panacea; but they have their doubts. Socialists blame the capitalistic system for the unemployment that prevails to-day, but I would point out that this system, at any rate, has maintained in this country a population far in excess of its size and natural resources. I...
Mr William Briggs: I beg to move, at the end of Sub-section (2), to insert a new Subsection: (3) No 6uch guarantee shall be given under this Section unless the applicants are possessed of assets equal to the amount of the guarantee, and in every case where such guarantee is given the amount guaranteed shall rank as a first charge upon all the assets and property of the company, firm, or individual to whom the...
Mr William Briggs: I beg leave to withdraw the Amendment.
Mr William Briggs: 54. asked the Chancellor of the Exchequer what guarantees the Treasury have stated their willingness to give under the Trade Facilities Act, 1921, since the date, 30th June when the last list was published?
Mr William Briggs: 65. asked the Minister of Agriculture if he is aware that, as a consequence of the discharge of a tar-like effluent from the gasworks situate above Holme Bridge, Bakewell, Derbyshire, a large number of fish in the River Wye have been killed; and will he use his powers to prevent any recurrence of such discharge of poisonous effluent from this or any other source along the banks of the Wye?
Mr William Briggs: I beg to move, to leave out the word "now" and at the end of the Question to add the words "upon this day six months." It is only due to the House to explain why I am now opposing a Bill which I supported as a member of the Select Committee. My reason is that during the evidence there was a letter put in from the Trade Facilities Advisory Committee practically promising to guarantee some of...
Mr William Briggs: I am sorry, but I have left the full list of them outside. If my hon. Friend wishes it, I will show it to him, and will show that there is a host of established concerns with considerable assets. An hon. Friend advises me that the South-Eastern Railway is one. I object to this Bill, combined with this guarantee, also because it is speculative in the highest possible degree. It is speculative...
Mr William Briggs: There is no other way.
Mr William Briggs: Surely they will not need that if the scheme is inherently sound?
Mr William Briggs: That remark was made before the Select Committee.
Mr William Briggs: 56. asked the Chancellor of the Exchequer if he is aware that when the Grampian Electricity Supply Bill was before the Select Committee it was definitely stated in evidence that if the promoters obtained a State guarantee of their debenture issue it was their intention to refer to this in their prospectus; and will he guard the public from being misled as to the form of the State guarantee?
Mr William Briggs: Does not the right hon. Gentleman think the best way to safeguard the public interest would be to withdraw the guarantee?
Mr William Briggs: Is the principle of the Trade Facilities Act to invest in speculative matters?
