Examination of Witnesses (Questions 260-279)
THE ACCOUNTS
OF THE
DUCHIES OF
CORNWALL AND
LANCASTER
7 FEBRUARY 2005
Q260 Mr Davidson: Can you give us
a list of the properties in which you have investments in order
that we can make judgments as to whether or not they are ethical
and sustainable?
Mr Ross: We have something over
3,000 different agreements with people.
Q261 Mr Davidson: Is that a yes then
or a no?
Mr Ross: We have 3,000 different
agreements.
Q262 Mr Davidson: I am asking whether
or not you can give us a list of the properties in which you have
money invested in order that we and others can make an assessment
as to whether or not those investments are ethical and sustainable.
Mr Ross: It is a very judgmental
issue.
Q263 Mr Davidson: Are you willing
to give us the information?
Mr Ross: I will discuss what is
ethical and sustainable if—
Q264 Mr Davidson: I am prepared to
debate the issue. Will you make the information available about
the investments in order that judgments can be made by you, me
and third parties about what is ethical and sustainable?
Mr Ross: I do not think this is
an issue which is relevant to this Committee.
Q265 Mr Davidson: Sorry, I am asking
the questions and you are providing the answers, that is the way
in which the Committee works. I am asking you whether you will
provide a list of the properties that are held by the Duchy in
order that we can measure whether or not they come up to the standard
about which the Prince speaks so often and so movingly.
Mr Ross: I think it is something
I would need to have a great deal clearer understanding of because
who is going to be the judge of what is ethical and sustainable.
Q266 Mr Davidson: Public opinion.
The Prince has spoken at great length on this. We would measure
them against the criteria he has set himself. Can we have a report
on the list of properties?
Mr Ross: I do not see why.
Q267 Mr Davidson: I know you do not
see it but I am asking you, can we have it?
Mr Ross: I do think it would serve
any better purpose—
Q268 Mr Davidson: You do not think
that but I do. I am asking you—yes or no—will you
make available a list of the properties? Are you refusing to do
so?
Mr Ross: I am not saying no but
I still need to be persuaded there is a good reason to do so.
Q269 Mr Davidson: If you are not
saying no you are saying yes then. This is a simple yes/no question.
Mr Ross: I am leaving the question
unanswered because I cannot see the purpose of it.
Q270 Mr Davidson: Given that the
Prince has expressed strong views on out of town supermarkets
and things that he describes as carbuncles, can you tell us whether
or not you own any of those?
Mr Ross: The only supermarket
which I am aware of is one that has been built at Poundbury which
was subject to very stringent control.
Q271 Mr Davidson: There are no other
supermarkets or out of town superstores or anything similar?
Mr Ross: We have other out of
town industrial properties.
Q272 Mr Davidson: Are they carbuncles?
Mr Ross: They are ones we have
purchased—
Q273 Mr Davidson: Is that a yes or
a no? Are they carbuncles or are they not?
Mr Ross: What is a carbuncle in
your opinion?
Q274 Mr Davidson: Give me a list
of them and let me see them.
Mr Ross: They have been built
to a very high standard.
Q275 Mr Davidson: Okay, you are refusing
to do that. Okay, I understand that. Can I ask in terms of commercial
development, because you do not pay tax, that is obviously going
to affect the investment appraisal decisions which you make about
what will give a return and so on, do you think that is unfair
competition with other developers?
Mr Ross: Again, it is not an issue
for me to be considering.
Q276 Mr Davidson: Okay. It is too
complicated. Can I ask about judgments for property sales and
in particular could I ask about 97 Park Road, Hampton Hill which
I understand was sold at considerably less than the market rate—
Mr Ross: It was not.
Q277 Mr Davidson: —to a Michael
David Fawcett. It was not sold for less; how do you know it was
not sold for less?
Mr Ross: We had independent valuers
who we appointed. We got a Section 11 warrant from the Treasury.
Q278 Mr Davidson: Do you know how
much that property was bought for?
Mr Ross: I do.
Q279 Mr Davidson: You will be able
to estimate the capital gains on that property at least and therefore
the scale of the value to you of being exempt from capital gains
tax?
Mr Ross: I think we would because
we have a base value that the house was purchased on. Again, it
would be theoretical.
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