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Defence Regulation 78

Volume 499: debated on Tuesday 22 April 1952

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63.

asked the Chancellor of the Exchequer if he will publish a list of the cases in which his Department has consented to action being taken under Regulation 78 of the Defence Regulations, together with details of the financial arrangements made in each case.

Name of CompanyPrice paid for sharesOther Financial Arrangements
(1)(2)(3)

Shares

Price paid per share

s.d.
4. SHORT BROS. (ROCHESTER & BEDFORD) LTD.230,475 5% redeemable cum. pref.—£1 each.22342,002 of the 5% redeemable cum. pref. shares have been redeemed at 22s. per share.
581,302 ordinary—5s. each.293In July, 1947, the name of the Company was changed to S.B. (Realisations) Ltd.
250,000 "A" ordinary—5s. each.293The balance of the shares is still held by nominees of the Ministry of Supply.
TOTAL PURCHASE PRICE—£1,472,182

Note.—S.B. (Realisations) Ltd. is a holding Company, owning 82% of the capital of Short Bros. & Harland Ltd. of Belfast.

5. S. G. BROWN LTD., NORTH ACTON.Issued share capital was £30,000 in £1 shares (out of an authorised capital of £50,000). Shares purchased for £55,750.In 1947 approval was given to increase the authorised capital to £250,000 and the subscribed capital by £180,000 to £210,000; the 180,000 new shares at £1 each were then purchased for the Admiralty at par.
6. NOTTINGHAM & CLIFTON COLLIERY LTD.Issued share capital £20,000 in £1 ordinary shares. 6d. per share paid under the Nottingham & Clifton Colliery Ltd. (Price of Shares) Order, 1943.The property of the Nottingham and Clifton Colliery Ltd., was handed over to the National Coal Board at 31st December, 1946, by the Ministry of Fuel and Power. The property included the Clifton pit. At that date the total liability of the Colliery for Ministry advances stood at £179,751. Of this total £31,700 was advanced before the order under Regulation 78 was made. £507 was paid for purchase of the ordinary shares and £31,133 for purchase of debentures. Since the vesting date (31st December, 1946) there have been receipts due under the terms of the nationalisation Act, totalling £40,166 so that the net amount outstanding is now £139,485. Further sums will be received when compensation is finally assessed.