REGISTERED LIMITED COMPANIES, SINGAPORE (1955 Profits)

Mr D. S. Marshall asked the Financial Secretary to give -

(a) the number of Limited Companies registered in Singapore and the total profits made by them in 1955;

(b) the number thereof who in 1955 made a profit exceeding 10 per cent of their capital, and the total of such profits.

Mr T. M. Hart: Sir, the number of private limited companies registered in Singapore at the end of 1955 was 1,344. The number of public limited companies registered in Singapore at the end of 1955 was 127.

Private limited companies are not required to submit accounts and balance sheets to the Registrar of Companies and no information is available as to the profits which these companies made in 1955. Public limited companies are required to submit accounts and balance sheets to the Registrar of Companies. I regret, however, that shortage of time and preoccupation with other urgent matters has made it impossible for me to collect and digest the information which the hon. Member requires about these companies. If he wishes to pursue the matter, perhaps the hon. Member may care to obtain the information from the Registrar of Companies himself.

Mr Marshall: Sir, the question is one of public importance. I would ask if the Financial Secretary would consider giving the answers for the record of this House, obtaining for the private companies their profits from the Income Tax Department, and for the public companies their profits from the Registrar of Companies, and making them part of the record for the next sitting in December.

Mr Hart: As regards private companies, Sir, I regret I can give no such assurance. Private companies do submit information as to their profits to the Comptroller of Income Tax, but under section 6 of the Ordinance, the consent of the Governor is required before that information can be divulged.

With regard to the profits of public companies, I will endeavour to provide the hon. Member with the information which he requires by the 5th of December.

Mr Marshall: If it please you, Sir, the Income Tax Ordinance precludes the divulgence of information about individual returns. The public are entitled to information on a global scale which would not pinpoint individual firms. I would ask if the Financial Secretary would reconsider his reply and give us an assurance that he will look into the question of giving us the information about the profits of private companies on the 5th of December?

Mr Hart: I must have notice of that question, Sir.