Older hon. Members will probably recollect that he was the leading figure in the Petroleum Executive which was called into being to meet the Petroleum Crisis in the First World War.

The argument was that the Petroleum Crisis had disturbed the world's money markets and that too close an investigation would damage the relationship between the Crown Agents and their principals.

Most of them, including ourselves, have been in a parlous state ever since the Petroleum Crisis at the end of 1973 and there are few signs, as yet, that any of them are pulling out of the recession.