HC Deb 05 November 1947 vol 443 cc1821-2
38. Mr. Sorensen

asked the Secretary of State for the Colonies what proportion of the proposed Development Corporation capital will be subscribed by private investors; what provision will be made for the representation of African interests on the Board; and what assistance will be given by the Corporation to African private or public enterprises.

Mr. Rees-Williams

I would invite my hon. Friend's attention to the Overseas Resources Development Bill, which is now before the House. It is at present expected that the Corporation will be financed mainly by advances from the Exchequer, but they will also have power to borrow from other sources with the approval of the Secretary of State and the consent of the Treasury, but it is not the intention of His Majesty's Government that recourse should be had to private investors. The limits of this borrowing are not specified. With regard to the second part of the Question, Clause 2 of the Bill provides that appointments shall be made with particular regard to the need for securing that experience in Colonial territories is at the disposal of the Corporation, but my right hon. Friend does not contemplate the making of any appointments to represent individual interests. As regards the last part of the Question, it will be primarily for the Board to determine what projects it will undertake within the wide powers proposed under the Bill to assist private or public enterprise in any part of the Colonial Empire. I have no doubt that enterprises in Africa will be very much in their minds, but no particular direction to them on the point is contemplated.

Mr. Hector Hughes

Is the Minister in a position to say when he estimates that the requisite capital will be available, when the Corporation will start operations and what task it will first undertake?

Mr. Rees-Williams

The Bill has not yet been passed, of course. The Board will be set up under the powers provided by the Bill when it is passed and delegated to the responsible Ministers by Parliament. Schemes will be considered by them under its terms.