HC Deb 01 December 1936 vol 318 cc1013-4
39. Mr. CARY

asked the President of the Board of Trade whether he has any information to give the House on the progress made up to date by the Cotton Spindles Board?

Dr. BURGIN

As my hon. Friend is aware, the powers of the Spindles Board under the Cotton Spinning Industry Act came into existence on 14th September, 1936. Their duties since that date have fallen broadly under four heads, namely:

To obtain, examine and tabulate returns of spindle capacity and of spindle activity;

to prepare a list of owners of cotton mills and to determine and collect the amount due from each by way of spindles levy;

to borrow money upon terms and conditions to be approved by the Board of Trade with the consent of the Treasury; and

to enter into and complete negotiations for the purchase of redundant spinning machinery, involving in many cases, not only questions of valuation, but also the legal examination of deeds containing covenants of various kinds to which many mills are subject.

I am informed that good progress is being made with the whole of this work. The required returns have been received, and statistics of spindle activity based upon them will, I understand, be available within the next fortnight; the assessment of millowners for spindle levy has been completed and practically the whole of the amount of levy due for the first quarter has been collected; the first instalment of the loan has been placed; and already purchases of spinning machinery have been concluded, while negotiations are in progress for a considerable number of mills.

Mr. BURKE

Is the right hon. Gentleman aware that, quite contrary to the alleged objects of the Cotton Spinning Industry Bill as expounded from the opposite side of the House during its passing, the prices of cotton yarns have risen during the last month, and that this may have a serious effect upon the manufacturing side of the trade, and particularly in its attempts to compete with such foreign competitors as the Japanese?

Dr. BURGIN

Perhaps the hon. Gentleman will send me the information he has upon that subject.

Mr. BURKE

The information was given in the Press, and surely the hon. Gentleman has had it?

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