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Clause 15—(Compensation To Holders Of Securities)

Volume 464: debated on Tuesday 3 May 1949

The text on this page has been created from Hansard archive content, it may contain typographical errors.

I beg to move, in page 15, line 36, at the end, to insert:

(8) (a) If it is proved by the stockholders' representative or by the Minister that the values of a company's securities as agreed or determined under the provisions of subsections (2) to (7) inclusive and (9) of this section (in this section referred to as "the Stock Exchange values") in the aggregate fall short of or exceed the value of the company's undertakings and assets on the first day of October nineteen hundred and forty-eight the amount of such short fall shall be added to the Stock Exchange values or the amount of such excess shall be deducted therefrom as hereinafter provided and the Stock Exchange values as adjusted by such additions or deductions shall become the values of those securities for the purposes of this section.
(b) For the purposes of this section the value of a company's undertaking and assets on the first day of October, nineteen hundred and forty-eight, shall be such amount as they might have been expected to realise if—
  • (i) they had been sold on the said date in the open market by a willing seller to a willing buyer;
  • (ii) in so far as they comprised a business capable of being sold as a going concern they had been so sold; and
  • (iii) this Act had not been in contemplation.
  • (c) If with respect to any company the stockholders' representative or the Minister desires to prove any matter which may be proved by him under this subsection, he shall so inform the Minister or the stockholders' representative (as the case may be) by notice in writing given within three months after the date of transfer.
    Owing to the exigencies of the timetable, we are left with approximately half an hour to discuss the all-important question of compensation which is raised in Clause 15. In Committee we discussed a number of Amendments dealing with this matter, but none was in the form of the Amendment now before the Committee. The basis of compensation adopted by the Bill is the Stock Exchange quota- tions for stocks and shares upon four selected days in October, 1948, with an alternative of a date in 1945. We say that this method of expropriating the stockholders on the basis of the very small number of stocks and shares which changed hands on a particular day or days is grossly unjust. As a result, debenture holders will lose approximately 20 per cent. of their income, holders of preference shares will lose approximately 25 per cent. of their income, and holders of ordinary shares will lose nearly half of their incomes. We think it will be exceedingly difficult for Government supporters to justify to the hundreds of thousands of stock and shareholders in these concerns why it is that they should lose such a large proportion of their income.

    9.30 p.m.

    The method adopted is highly convenient. It enables the Government to acquire valuable assets on the cheap. Wherever an arbitration has been permitted in all the many nationalisation Measures which the Government have introduced, invariably the arbitration has resulted in something substantially in excess of the value placed upon the shares as a result of Stock Exchange quotations. I would instance the case of the arbitration during the war when the Government thought it necessary to expropriate a firm of aircraft manufacturers known as Short Bros. The Treasury offered the Stock Exchange quotation of the day, but when the matter went to arbitration, and the concern was valued as a going concern, a very much higher figure was arrived at. I would instance also the case of Cable and Wireless, where the late Lord Uthwatt was appointed arbitrator to settle the value of the assets to be transferred. As a result of Lord Uthwatt's valuation, a very much higher figure has been given than that which would have resulted from a Stock Exchange quotation.

    The method of expropriation in this way is swift and convenient. Those are, I think, its only merits. It is highly unjust. It completely fulfils what I am told is the schoolmasters' motto, "Swift Injustice"; but it is not for that reason to be commended for the expropriation of the savings of law-abiding citizens. The fact is that Stock Exchange prices on a particular day represent only a very few dealings. Indeed, I suppose that in these great iron and steel companies not more than 5 per cent. of the stocks and shares are transferred in the course of a year. On a particular day the proportion changing hands is, of course, an infinitesimal fraction of 1 per cent. The fact is that 99 per cent. or more of the stock and shareholders are determined and anxious to continue to hold their shares, and the prices resulting from these few transactions are no guide whatsoever to the value of the undertaking as a whole. More particularly are they not a true guide in a year when there is in progress a once-for-all capital levy, which compels stock' and shareholders to realise part of their capital in order to pay the charge placed upon them.

    The Chancellor of the Exchequer said that the Stock Exchange quotations were transactions between willing buyers and willing sellers. He said that the seller wanted the money and the buyer wanted the shares, and therefore it must be a transaction between willing buyers and willing sellers. I would remind the Committee that Dick Turpin, the highwayman, wanted the money and the traveller wanted his life. That was the alternative with which he was presented. It is, therefore, absurd to say that all these transactions are upon the basis of a willing buyer and a willing seller. Moreover, there is—and it is vitally important to consider this—the evil effect of taking this method of Stock Exchange prices upon the dividend policy of all the concerns which are still in the queue for nationalisation. Cement, insurance and other industries are in the queue. They are expected to observe a dividend limitation, but it is very difficult for the directors, if they have any sense at all of their duty towards their shareholders, not to increase their dividends in order to increase the quotations of their stocks and shares upon the Stock Exchange.

    I will explain the effect of our Amendment. It states:
    "If it is proved by the stockholders' representative…"
    he is to be appointed under the Bill—
    "…or by the Minister that the values of a company's securities as agreed or determined under the provisions of subsections (2) to (7) inclusive and (9) of this section…
    that is in accordance with the Stock Exchange quotations—
    "in the aggregate fall short of or exceed the the value of the company's undertakings and assets on the first day of October nineteen hundred and forty-eight the amount of such short fall shall be added to the Stock Exchange values or the amount of such excess shall be deducted therefrom as hereinafter provided and the Stock Exchange values as adjusted by such additions or deductions shall become the values of those securities for the purposes of this section."
    Then it goes on to set out the value of a company's undertaking and assets. It states that they shall be:
    "…such amount as they might have been expected to realise if—
  • (i) they had been sold on the said date in the open market by a willing seller to a willing buyer
  • (ii) in so far as they comprised a business capable of being sold as a going concern they had been so sold;"
  • Those conditions for the valuation of the undertaking are taken directly from the Sixth Schedule to the Bill. They are the conditions prescribed by the Minister himself where he wishes to claw back into the Iron and Steel Corporation assets which have been transferred to outside bodies. It will be observed that our Amendment is a two-way Amendment. If upon the valuation of the undertaking it should fall short of the aggregate of the Stock Exchange values, then the smaller figure is taken. If, on the other hand, the value of the undertaking exceeds the Stock Exchange values, then the higher figure is taken. That provision is made in order to meet the criticism made in Standing Committee that our proposal that there should be a valuation of assets was a one-way Amendment by which the stockholder invariably stood to gain. Under our Amendment there can be arbitration upon the value of the concern at the request of either party. It seems to us to be an eminently fair arrangement between the Government on the one hand and the stockholders on the other.

    In the Committee, we had some discussions upon whether or not these iron and steel companies had increased their dividends since the end of the war. Broadly speaking, our case was that, in order to finance the great development plan for the industry, which was estimated to cost some £300 million, these companies have conserved their resources, ploughed back their profits and kept their dividends down. The Financial Secre- tary to the Treasury will recall that there was a great deal of controversy on this point between him and myself. Since then, I have got out some more comprehensive figures than were available to us during the Committee stage, and the fact is that between 1945 and 1948 the additional distributions by way of dividends from the companies now in the Third Schedule to the Bill amounted to the comparatively small sum net of £575,000, and that is compared, of course, with a capital valuation figure of something like £300 million for compensation provided by the Bill.

    On that point, would the right hon. Gentleman correct the statement which he made to the Committee that only three corn-panics had increased their dividends?

    Most certainly. We had a great deal of discussion about this, and I am now going to give the results furnished in a Written Answer by the Minister of Supply in which he set out all of the names of the companies which had increased their dividends between 1945 and 1948.

    I am now telling the Committee that the net result of all this was that £575,000 more was distributed in 1948 than in 1945, due to increases of the dividend rate, but that comparatively small figure has to be compared with two other figures of great interest to the Committee—one the increased wage bill of these companies, which had increased in 1948 as compared with 1945 by no less than £10 million, and, secondly, that during these four years these companies had ploughed back into their businesses, by additions to reserves or increases of amounts carried forward, no less than £15 million. That £15 million, representing the amount ploughed back out of profits during those four years, exceeded the total amount distributed by way of dividends on ordinary shares during those four years. That shows quite clearly that, throughout this period, these companies were in fact conserving their resources and pursuing a very careful and conservative dividend policy with a view to finding the money necessary for the great development plan.

    That leads me to the remarkable pledge given in the House by the pre- decessor of the right hon. Gentleman the Minister of Supply on 27th May, 1946. There was a two days' Debate on the nationalisation of iron and steel, in the course of which the Minister of Supply of that day stated categorically that this question of capital development—he was talking of the development plan which was calculated at that time to cost £168 million, which figure, of course, is very much larger now than it was then—was the most important aspect of the whole matter. He said:
    "I would like to give the industry an assurance about the future…pending the putting into effect of the Government's proposals. We are most anxious that the industry shall proceed energetically, and I feel sure that they will, with those urgent measures which are so necessary for the country's recovery."
    He went on to say:
    "The Chancellor of the Exchequer, who, as I have said, will be speaking tomorrow, has authorised me to assure the industry that whatever the final method and basis adopted, proper allowance will be made in assessing compensation for the results of any expenditure incurred from now onwards on approved schemes of development or rehabilitation."—[OFFICIAL REPORT, 27th May, 1946; Vol. 423, c. 853–4.]
    9.45 p.m.

    That pledge was obviously intended to mean something at the time it was given it was meant to be an assurance to the industry that if they ploughed back their profits and kept down their dividends, they would receive due reward for their abstinence when the time came for nationalisation. I want the Committee to note that two very clear conditions were laid down in this pledge, a pledge which was endorsed on the following day by the Chancellor of the Exchequer. The first was that they should receive compensation for the results of expenditure "incurred from now onwards"; that was to say that, from 27th May, 1946, some special allowance was intended which would not apply to capital expenditure undertaken before that date. The second condition was that there should be Ministerial approval for the developments upon which capital expenditure was taking place.

    Both those conditions have been fulfilled. It has been with Ministerial approval, with priority given by the Government, and with licences specially granted that these companies have been enabled to spend and plough back vast sums into capital development during the last three years. Of course, the results of that expenditure cannot yet be seen. Capital expenditure of this character is not immediately remunerative, but at the same time there is no doubt that these vast sums have been so spent, and that in the upshot, by taking Stock Exchange values as the basis of nationalisation, no proper allowance of any sort is being given to the companies in fulfilment of this unqualified pledge given both by the Minister of Supply and the Chancellor of the Exchequer in May, 1946. In fact, the only defence to the charge, not only that Stock Exchange values are themselves intrinsically unfair, but that, in this particular case, the Government have fallen down upon a pledge deliberately given,—or, rather, the only defence put forward to the second charge that a pledge has been deliberately broken—is that the pledge was worthless at the time it was made. I say without hesitation that this pledge should never have been given, but, that having been given, it should have been strictly fulfilled both in the spirit and in the letter.

    The right hon. Member for North Leeds (Mr. Peake) has made some very serious charges and, unfortunately, he has not left me very much time in which to refute them. [HON. MEMBERS: "Whose fault is that?"] I will, however, do my best in the time at my disposal. [HON. MEMBERS: "Ask the Lord President for more time?"] This is a very long and reasoned Amendment.

    It can be paraphrased quite shortly. What we propose by way of compensation to holders of the securities in the Third Schedule companies is that they should be paid compensation stock which is guaranteed by the Government both as to principal and interest. We intend to assess the value of the stock to be issued by a certain formula which is laid down and the normal value will be based on Stock Exchange prices, according to whether they were on the average better before the General Election or just before the Bill was introduced.

    What the Amendment proposes is that we should not take the Stock Exchange price at all as our basis, but that we should value the assets of the companies concerned and if they are greater than the Stock Exchange price an addition should be made to that price if they are less, the Minister of Supply would benefit by a reduction of the Stock Exchange price. I hope I am not doing the right hon. Gentleman an injustice, but I think that, briefly, is the suggestion. It is quite obvious that the right hon. Gentleman thought that would place the Government in a dilemma because, according to the speeches of hon. and right hon. Members opposite, we have always asserted, so they say, that by taking the Stock Exchange price we get the value of the sum total of the securities in any concern. Let me say at once that that never has been our contention.

    What we have said is that the individual investor should receive proper compensation for his investment, and we have looked at him and at no one else. Under the terms proposed, it is quite obvious that the individual investor will get gilt-edged stock, carrying a rate of interest which is reasonable and which will continue year after year, if he goes on holding that stock, whereas at the present time, although in some cases he may be receiving a greater return than he will receive in future, that return is not as certain as that from a Government issue.

    In 1929, 48 per cent. of the iron and steel shares which are now being taken over and to which, as I have indicated, this guaranteed rate of interest is to be given, paid no dividend whatever. That was looked upon in the palmy days of Tory rule as rather a good thing. In 1934, when Toryism had once again got into its stride, 84 per cent. of those securities paid no dividend. Therefore, it is quite obvious that by taking the Stock Exchange price the shareholders of the new stock, as and when it is issued, will be getting a good bargain. The proof of that is that if hon. Members will only go to "The Times" today, and will look down the list of Stock Exchange quotations, they will find that the Electricity Stock and the Transport Stock are both at a fairly considerable premium, and today the Gas Stock, which has just been recently issued, has also gone to a premium.

    In the few minutes I have left, let me deal with the very serious charge made by the right hon. Gentleman against my right hon. and learned Friend the Chancellor of the Exchequer and my right hon. Friend the then Minister of Supply.

    Both of them. They said that as and when the iron and steel industry was nationalised those concerns which ploughed back, which developed and rehabilitated their equipment, would find that, when nationalisation of the industry took place, that would be taken into account. The charge is that that promise has not been implemented. [HON. MEMBERS: "Hear, hear."] I am here to say that it has been implemented up to the hilt. [HON. MEMBERS: "How?"] The right hon. Gentleman gave us figures to show that many of these concerns had accepted the suggestion of my right hon. and learned Friend, and had ploughed back into the industry much of the profits they had made, to the tune of £15 million, in fact. Let me put it to hon. Gentlemen opposite that what has happened has been this, that where a particular concern has thus put its reserves to a good use, and has installed new equipment, that is now obviously reflected in the Stock Exchange price. [HON. MEMBERS: "Oh."] I hope hon Gentlemen opposite will allow me to finish the argument

    Does the right hon. Gentleman call that honouring a pledge?

    Where one of the companies listed in the Third Schedule has gone in for rehabilitation, the money for such rehabilitation must have come from one of two sources, either from reserves or from borrowing. If it has been borrowed—[Interruption.] Do not hon. Gentlemen want to hear the argument? It will now be taken over as a liability by the Corporation—

    It being Ten o'Clock, the DEPUTY-CHAIRMAN OF WAYS AND MEANS proceeded, pursuant to Order, to put forthwith the Question on the Amendment already proposed from the Chair.

    Hon Members must try to behave themselves. I very much deprecate that this—

    I order the hon. and gallant Gentleman to withdraw that remark or to leave the Chamber at once.

    Without another word. The hon. Gentleman will now withdraw from the Chamber, otherwise I shall report the matter to the House.

    The hon. and gallant Member thereupon withdrew.

    Division No. 125.]


    [10.0 p.m.

    Agnew, Cmdr. P. G.Harvey, Air-Comdre, A. V.Neven-Spence, Sir B.
    Amory, D. HeathcoatHead, Brig. A. H.Nicholson, G.
    Astor, Hon. M.Headlam, Lieut.-Col. Rt. Hon. Sir C.Noble, Comdr. A. H P
    Baldwin, A. E.Henderson, John (Cathcart)Nutting, Anthony
    Barlow, Sir J.Hinchingbrooke, ViscountOdey, G. W.
    Beamish, Maj. T. V. HHogg, Hon. Q.O'Neill, Rt. Hon Sir H
    Bennett, Sir PHolmes, Sir J. Stanley (Harwich)Orr-Ewing, I. L.
    Birch, NigelHope, Lord J.Peake, Rt. Hon. O.
    Boothby, R.Howard, Hon. APeto, Brig. C. H. M
    Bossom, A. C.Hudson, Rt. Hon. R S. (Southport)Pickthorn, K.
    Bowen, R.Hulbert, Wing-Cdr. N. J.Ponsonby, Col. C. E
    Bower, N.Hurd, A.Price-White, Lt.-Col. D
    Boyd-Carpenter, J. A.Hutchison, Lt.-Cm. Clark (E'b'rgh W.)Prior-Palmer, Brig. O
    Braithwaite, Lt.-Comdr. J. GHutchison, Col. J. R. (Glasgow, C.)Raikes, H. V.
    Bromley-Davenport, Lt.-Col. WJeffreys, General Sir G.Ramsay, Maj. S.
    Buchan-Hepburn, P. G. T.Keeling, E. H.Rayner, Brig. R.
    Butcher, H. W.Kingsmill, Lt.-Col. W. HRenton, D.
    Butler, Rt Hn. R. A. (S'ffr'n W'ld'n)Lambert, Hon. G.Roberts, Emrys (Merioneth)
    Byers, FrankLancaster, Col. C. GRobinson, Roland (Blackpool, S.)
    Carson, ELangford-Holt, J.Ropner, Col. L.
    Challen, C.Legge-Bourke, Maj. E. A. HRoss, Sir R. D. (Londonderry)
    Clarke, Col. R. S.Lennox-Boyd, A. T.Scott Lord W.
    Clifton-Brown., Lt.-Col. G.Lindsay, M. (Solihull)Shephard, S (Newark)
    Corbett, Lieut.-Col. U. (Ludlow)Linstead, H. N.Smiles, Lt.-Col. Sir W.
    Crookshank, Capt. Rt Hon H. F. C.Lloyd, Selwyn (Wirral)Smith, E. P. (Ashford)
    Crosthwaite-Eyre, Col. O E.Low, A. R. W.Snadden, W. M.
    Crowder, Capt. John ELucas, Major Sir J.Spearman, A. C. M
    Cuthbert, W. NLucas-Tooth, S. H.Stoddart-Scott, Col. M.
    Davidson, ViscountessLyttelton, Rt. Hon. O.Strauss, Henry (English Universities)
    De la Bere, R.MacAndrew, Col. Sir C.Sutcliffe, H.
    Digby, Simon WingfieldMcCallum, Maj. D.Taylor, C. S. (Eastbourne)
    Dodds-Parker, A. D.McCorquodale, Rt. Hon M. S.Taylor, Vice-Adm. E. A. (P'dd't'n, S.)
    Drayson, G. BMcFarlane, C. SThomas, Ivor (Keighley)
    Drewe, C.Mackeson, Brig. H. R.Thorneycroft, G. E. P. (Monmouth)
    Dugdale, Maj. Sir T. (Richmond)McKie, J. H. (Galloway)Thornton-Kemsley, C. N
    Eccles, D. M.MacLeod, J.Thorp, Brigadier R. A. F.
    Elliot, Lieut.-Col. Rt. Hon WalterMacmillan, Rt. Hon. Harold (Bromley)Touche, G. C.
    Fletcher, W. (Bury)Macpherson, N. (Dumfries)Tweedsmuir, Lady
    Foster, J. G. (Northwich)Maitland, Comdr. J. W.Vane, W. M. F
    Fox, Sir GManningham-Buller, R. EWalker-Smith, D.
    Fraser, H. C. P. (Stone)Marlowe, A A. H.Ward, Hon G. R.
    Fraser, Sir I. (Londale)Marsden, Capt. A.Webbe, Sir H. (Abbey)
    Galbraith, Cmdr. T. D. (Pollok)Marshall, D. (Bodmin)Wheatley, Colonel M. J. (Dorset, E.)
    Galbraith, T. G. D. (Hillhead)Marshall, S. H. (Sutton)White, Sir D. (Fareham)
    Gates, Maj. E. E.Maude, J. C.While, J. B. (Canterbury)
    George, Maj. RI. Hn. G. Lloyd (P'ke)Medlicott, Brigadier F.Williams, Gerald (Tonbridge)
    George, Lady M. Lloyd (Anglesey)Mellor, Sir J.Willoughby de Eresby, Lord
    Glyn, Sir R.Molson, A. H. E.Winterton, Rt. Hon. Earl
    Gomme-Duncan, Col. AMoore, Lt.-Col. Sir T.York, C.
    Granville, E. (Eye)Morris, Hopkin (Carmarthen)Young, Sir A. S. L. (Partick)
    Gridley, Sir A.Morrison, Maj. J. G. (Salisbury)
    Grimston. R. V.Morrison, Rt. Hn. W. S. (Cirencester)TELLERS FOR THE AYES:
    Hannon, Sir P. (Moseley)Mott-Radclyffe, C. E.Mr. Studholme and
    Hare, Hon. J. H. (Woodbridge)Mullan, Lt. C. H.Major Conant.


    Acland, Sir RichardAttewell, H. C.Barnes, Rt. Hon. A. J.
    Adams, Richard (Balham)Attlee, Rt. Hon. C. R.Barstow, P. G.
    Albu, A. H.Austin, H. LewisBarton, C.
    Alexander, Rt. Hon. A. VAwbery, S. SBattley, J. R.
    Allen, A. C. (Bosworth)Ayles, W. H.Bechervaise, A. E
    Alpass, J. H.Ayrton Gould, Mrs BBenson, G.
    Anderson, A. (Motherwell)Bacon, Miss A.Beswick, F.
    Anderson, F. (Whitehaven)Balfour, A.Bing, G. H. C

    Question put, "That the proposed words be there inserted."

    The Committee divided: Ayes, 158; Noes, 325.

    Binns, J.Gunter, R. JMorris, Lt.-Col. H. (Sheffield, C.)
    Blackburn, A. RGuy, W. H.Morris, P. (Swansea, W.)
    Blenkinsop, A.Hale, LeslieMorrison, Rt. Hn. H. (Lewiham, E.)
    Blyton, W. R.Hall, Rt. Hon. GlenvilMort, D. L.
    Boardman, H.Hamilton, Lieut.-Col. R.Moyle, A.
    Bottomley, A. G.Hannan, W. (Maryhill)Murray, J. D.
    Bowden, Flg. Offr. H. W.Hardman, D. R.Naylor, T E.
    Braddock, Mrs. E. M. (L'pl. Exch'ge)Hardy, E. A.Neal, H. (Claycross)
    Braddock, T. (Mitcham)Harrison, J.Nichol, Mrs. M. E. (Bradford, N.)
    Bramall, E. A.Hastings, Dr. SomervilleNicholls, H. R. (Stratford)
    Brook, D. (Halifax)Haworth, J.Noel-Baker, Capt. F. E. (Brentford)
    Brooks, T. J. (Rothwell)Henderson, Rt. Hon. A. (Kingswinford)Noel-Baker, Rt Hon. P. J. (Derby)
    Broughton, Dr. A. D. D.Henderson, Joseph (Ardwick)O'Brien, T.
    Brown, George (Belper)Holman, P.Oldfield, W. H
    Brown, T. J. (Ince)Holmes, H. E. (Hemsworth)Oliver, G. H
    Bruce, Maj. D. W. T.Horabin, T. L.Orbach, M.
    Burke, W. A.Houghton, A. L. N. DPaget, R. T.
    Callaghan, JamesHoy, J.Paling, Rt. Hon. Wilfred (Wentworth)
    Carmichael, JamesHubbard, T.Paling, Will T. (Dewsbury)
    Castle, Mrs. B. A.Hudson, J. H. (Eating, W.)Palmer, A. M. F.
    Chamberlain, R. AHughes, Emrys (S. Ayr)Pargiter, G. A.
    Chetwynd, G. R.Hughes, H. D. (W'lverh'pton, W.)Parker, J.
    Cobb, F A.Hynd, H. (Hackney, C.)Parkin, B. T.
    Cocks, F. S.Hynd, J. B. (Attercliffe)Paton, Mrs. F. (Rushclifte)
    Collick, P.Irvine, A. J. (Liverpool)Paton, J. (Norwich)
    Collindridge, FIrving, W. J. (Tottenham, N.)Pearson, A.
    Collins, V. J.Isaacs., Rt. Hon. G. A.Pearl, T. F.
    Colman, Miss G. MJanner, B.Perrins, W
    Comyns, Dr L.Jay, D. P. T.Popplewell, E.
    Corbet, Mrs. F. K. (Camb'well, N. W.)Jeger, Dr. S. W. (St. Pancras, S.E.)Porter, E. (Warrington)
    Corlett, Dr. J.Jenkins, R. HPorter, G. (Leeds)
    Cove, W. G.John, W.Price, M. Philips
    Crawley, A.Johnston, DouglasPritt, D. N.
    Crossman, R. H. SJones, D. T. (Hartlepool)Proctor, W. T.
    Cullen, Mrs.Jones, Elwyn (Plaistow)Pryde, D. J.
    Daggar, G.Jones, Jack (Bolton)Pursey, Comdr. H
    Dalton, Rt. Hon. H.Jones, P. Asterley (Hitchin)Randall, H. E
    Davies, Edward (Burslem)Kenyon, C.Ranger, J
    Davies, Harold (Leek)Key, Rt. Hon. C. W.Rankin, J.
    Davies, Haydn (St. Pancras, S. W.)Kinghorn, Sqn.-Ldr. E.Rees-Williams, D. R.
    Davies, R. J. (Westhoughton)Kinley, J.Reeves, J.
    Davies, S. O. (Merthyr)Kirby, B. V.Reid, T. (Swindon)
    Deer, G.Kirkwood, Rt. Hon. D.Rhodes, H.
    de Freitas, GeoffreyLang, G.Ridealgh, Mrs M.
    Diamond, J.Lavers, S.Robens, A.
    Dobbie, W.Lee, Miss J. (Cannock)Roberts, Goronwy (Caernarvonshire)
    Dodds, N. NLeonard, WRobertson, J. J. (Berwick)
    Donovan, T.Leslie, J. R.Robinson, K. (St. Pancras)
    Driberg, T. E. N.Lever, N. H.Rogers, G. H. R.
    Dugdale, J. (W. Bromwich)Levy, B. W.Ross, William (Kilmarnock)
    Ede, Rt. Hon. J. C.Lewis, A. W. J. (Upton)Royle, C.
    Edelman, M.Lewis, J. (Bolton)Sargood, R.
    Edwards, Rt. Hon. Sir C. (Bedwellty)Lewis, T (Southampton)Scollan, T.
    Edwards, John (Blackburn)Lindgren, G. S.Scott-Elliot, W.
    Edwards, Rt. Hon. N. (Caerphilly)Lipton, Lt.-Col. MSegal, Dr. S.
    Edwards, W. J. (Whitechapel)Logan, D. GShackleton, E. A A
    Evans, Albert (Islington, W.)Lyne, A. W.Sharp, Granville
    Evans, E. (Lowestoft)McAdam, W.Shawcross, C. N. (Widnes)
    Evans, John (Ogmere)McAllister, G.Shawcross, Rt. Hn. Sir H. (St. Helens)
    Evans, S. N. (Wednesbury)McGhee, H. GShurmer, P.
    Ewart, R.McGovern, J.Silkin, Rt. Hon. L.
    Fairhurst, F.Mack, J. D.Silverman, J. (Erdington)
    Farthing, W. J.McKay, J. (Wallsend)Silverman, S. S. (Nelson)
    Field, Capt. W. JMackay, R W. G. (Hull, N.W.)Simmons, C J.
    Fletcher, E. G. M (Islington, E.)McKinlay, A. S.Skeffington, A. M.
    Follick, M.McLeavy, F.Skeffington-Lodge, T C.
    Foot, M. M.MacPherson, Malcolm (Stirling)Skinnard, F. W.
    Forman, J. C.Macpherson, T. (Romford)Smith, C. (Colchester)
    Fraser, T. (Hamilton)Mainwaring, W. H.Smith, Ellis (Stoke)
    Freeman, J. (Watford)Mallalieu, E. L. (Brigg)Smith, H. N. (Nottingham, S.)
    Gaitskell, Rt. Hon. H. T. N.Mallalieu, J. P. W. (Huddersfield)Smith, S. H. (Hull, S.W.)
    Gallacher, W.Mann, Mrs. J.Solley, L. J.
    Ganley, Mrs. C SManning, C. (Camberwell, N.)Sorensen, R. W
    Gibbins, J.Manning, Mrs. L. (Epping)Soskice, Rt. Hon. Sir Frank
    Gibson C. WMathers, Rt. Hon. GeorgeSparks, J. A
    Gilzean, A.Mayhew, C. P.Steele, T.
    Glanville, J. E. (Consett)Medland, H. M.Stewart, Michael (Fulham, E.)
    Gooch, E. G.Mellish, R. JStrachey, Rt. Hon. J.
    Goodrich, H. E.Middleton, Mrs. LStrauss, Rt. Hon. G. R. (Lambeth)
    Greenwood, A. W. J. (Heywood)Mikardo, IanStross, Dr. B.
    Grenfell, D. RMillington, Wing-Comdr. E. R.Stubbs, A. E.
    Grey, C. F.Mitchison, G. R.Swingler, S.
    Grierson, E.Monslow, W.Sylvester, G. O.
    Griffiths, D. (Rother Valley)Moody, A. S.Symonds, A. L.
    Guest, Dr. L. HadenMorgan, Dr. H BTaylor, H B (Mansfield)

    Taylor, R. J. (Morpeth)Watkins, T. EWilliams, Rt. Hon. T. (Don Valley)
    Taylor, Dr. S. (Barnet)Webb, M. (Bradford, C.)Williams, W. T. (Hammersmith, S)
    Thomas, D. E. (Aberdare)Weitzman, D.Williams, W. R. (Heston)
    Thomas, George (Cardiff)Wells, P. L. (Faversham)Willis, E.
    Thomas, I. O. (Wrekin)Wells, W. T. (Walsall)Wilson, Rt. Hon. J. H.
    Thomas, John R. (Dover)West, D. G.Wise, Major F. J.
    Thurtle, ErnestWheatley, Rt. Hn. J. T. (Edinb'gh, E.)Woodburn, Rt. Hon. A
    Timmons, J.White, H. (Derbyshire, N. E.)Wyatt, W.
    Tomlinson, Rt. Hon. GWhiteley, Rt. Hon. W.Yates, V. F.
    Turner-Samuels, M.Wigg, GeorgeYoung, Sir R. (Newton)
    Ungoed-Thomas, L.Wilcock, Group-Capt. C. A. BYounger, Hon. Kenneth
    Usborne, HenryWilkes, L.Zilliacus, K.
    Vernon, Maj. W. FWilkins, W. A.
    Viant, S. P.Willey, O. G. (Cleveland)TELLERS FOR THE NOES:
    Walker, G. H.Williams, D. J. (Neath)Mr. Snow and
    Wallace, H W. (Walthamstow, E.)Williams, J. L. (Kelvingrove)Mr. George Wallace.
    Warbey, W. N.Williams, Ronald (Wigan)

    Clause ordered to stand part of the Bill.

    The DEPUTY-CHAIRMAN OF WAYS AND MEANS proceeded to put forthwith the Question necessary to dispose of the Business to be concluded at this day's sitting.

    Motion made, and Question "That the Chairman do report the Bill, without Amendment, to the House" put, and agreed to.

    Bill reported without Amendment; to be read the Third time upon Thursday next and to be printed. [Bill No. 119.]


    On a point of Order. I am given to understand that the name of an hon. and gallant Member who voted in the Division has not been included in the Division list because he had been ordered to leave the House. In Standing Order 21, which deals with the matter, there is no reference to any prohibition on voting.

    I should require to have notice of that question. I really cannot deal with it now.

    May I give notice, then, that tomorrow I shall raise the matter of the admissibility of the vote?