§ 52. Mr. Parker
asked the Chancellor of the Exchequer whether he is aware that 600 the trading profits of British Sugar Corporation have increased this year from £383,312 to £1,182,143; that £330,000 of this is described by the directors as being adventitious profit arising from the increase of the Sugar Duty; and whether he will either impose an excise duty to remove this advantage or revise the subsidies given to this concern?
§ The Chancellor of the Exchequer (Sir Kingsley Wood)
The answer to the first two parts of the Question is in the affirmative. The directors' report states that of the £330,000 mentioned in the Question £255,000 will be absorbed by Income Tax and Excess Profits Tax. The changed situation resulting from the war and the consequent alteration of the method and extent of Government assistance to this corporation are receiving careful consideration, but it is not yet possible to make any further statement on the matter.
Mr. De la Bère
If Government directors are on the board, does it not follow that it is really controlled by the Government?