Labour Seeks Debate On Ford Shares Bid

Press, Volume XCIX, Issue 29365, 18 November 1960, Page 17

Labour Seeks Debate On Ford Shares Bid

LONDON, November 16.

An anxious Labour opposition resumed its efforts today to try to force the British Government to an early debate on the proposed £l2B|m. sterling takeover of British Fords by Ford Motors of America.

News of the bid, announced yesterday, has sparked off widespread controversy throughout Britain. Today it resulted in motor shares providing the main feature of the London stock markets. There was a large turnover in Ford shares, which, after touching 135 s 6d sterling, dropped to Ils 6d sterling below , the bid price. In after-hours dealings. Fords improved to more than 134 s sterling. In contrast with yesterday’s sharp rises, other car shares showed little change today. In the House of Commons, searching questions from a number of members probed the issue of whether there had been discussions between the American company in Detroit and representatives of the Board of Trade and the Treasury.

1 Replying to the Labour leader ■ (Mr Gaitskell), who had asked t if he would provide time for an early debate on the proposed r bid the Home Secretary (Mr - Butler) said he understood the - Chancellor of the Exchequer (Mr Lloyd) had not yet received api plication for the necessary Trea- - sury consent to the deal. 3 He suggested the question of i debate should be raised through the usual channels and he did s not doubt "something could be - arranged.” Mr Butler said he had been s informed by the Chancellor that s no informal approach had been made about the deal. 5. Later, after further questions, a Mr Butler undertook to discuss e with the Chancellor and the n President of the Board of Trade . whether the move had been fixed - through a subordinate departif ment or through the Bank of England.