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Third Schedule—(Companies Which Fulfil Condition For Vesting Of Their Securities)

Volume 464: debated on Tuesday 3 May 1949

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I beg to move, in page 62, to leave out line 18.

This Amendment and the next three Amendments are consequential on the Government Amendments to Clause 11 which I moved previously.

Amendment agreed to.

Further Amendments made: In page 62, leave out lines 28, 29, 35 and 43.

In page 63, leave out line 41.—[ Mr. G. R. Strauss.]

I beg to move, in page 64, to leave out line 14.

This deals with a firm called William Jessop and Sons Ltd., who have their works at Brightside and are renowned for the high quality of their steel. We discovered only after the Bill was published—when the B.S.A. published their accounts—that the B.S.A. had purchased the assets of all their subsidiaries, including Jessops, so that Jessops itself remained only as an empty shell. It would have been quite possible under the Bill to bring in Jessops by including the B.S.A. Company, but we did not want to do that unless it was necessary, as there would have been many difficulties. We discussed the matter with the B.S.A. Company to see whether we could come to some reasonable settlement on the matter and we have agreed with them that they will give the Corporation an option to buy all the steel-producing capacity they possess, which will include the actual Jessops works. Although, therefore, we are taking Jessops out of the Third Schedule, in fact the works can still come into the possession of the Corporation.

Amendment agreed to.