§ The Minister of Shipping (Sir John Gilmour)
Under the Compensation (Defence) Act, the rates of hire for requisitioned ships, unless settled by agreement, will be determined by a tribunal on principles laid down in the Act, but negotiations with a view to agreeing rates are in progress. The purpose of the Liner Requisitioning Scheme is to enable tonnage to be used to the best advantage in the nation's war effort and a large proportion of the cargoes carried will be on Government account. It is not possible at this stage to estimate any profit which may be earned from the commercial operation of these vessels.
§ Mr. Shinwell
Does not the right hon. Gentleman appreciate the need for an early settlement of the financial difficulties surrounding this question? Has he not noticed the unsettling effect of this delay in shipping shares in the stock markets?
§ Sir Herbert Williams
Is it not the case that as soon as you nationalised shipping you put up the prices higher than private enterprise was charging?