§ 32. Mr. MANDERasked the President of the Board of Trade what results have been obtained through the setting up of the Bankers' Industrial Development Company; how many applications for financial assistance have been approved, and to what extent; and whether any applications are under consideration at the present time?
§ Mr. W. GRAHAMDespite the unfavourable conditions for industrial issues since the formation of the Bankers' Industrial Development Company, it has made two public issues in connection with the rationalisation of the basic industries, namely, an issue of £1,000,000 5 per cent. debentures for National Shipbuilders Security, Limited, and an issue of £2,000,000 6½ per cent. debentures for the Lancashire Cotton Corporation, Limited. I am informed that other proposals have been, and are, under examination by Securities Management Trust, with a view to the framing of schemes which might be submitted to the Bankers' Industrial Development Company.
§ Mr. MANDERIs the right hon. Gentleman really satisfied with the working of the company? Does he not think some altered system is necessary?
§ Mr. GRAHAMThat is a difficult question. I think it would be impossible to express dissatisfaction, because all its operations have been undertaken in a time of profound industrial depression when there was really not a fair chance.
§ Mr. REMERIs it not a fact that over 90 per cent. of the Lancashire Cotton Corporation issue was left with the underwriters?
§ Mr. GRAHAMThat may be, But that point is really covered by what I said in reply to the preceding supplementary question.