§ 32. Sir R. Aclandasked the Secretary of State for the Colonies if he will make a statement regarding the future policy of the Colonial Development Corporation.
§ Mr. Lennox-BoydWhile the Corporation continually review their policy in the light of experience, the broad lines of the policy they are following and expect to follow are those indicated in recent Annual Reports.
§ Sir R. AclandWill the right hon. Gentleman bring his fresh mind to bear on the suggestion that, at any rate in relation to pilot projects of agricultural experiments, there would be much gained by freeing this Corporation from the rigid obligation of earning 3 per cent. on the money expended, because knowledge gained from the agricultural projects can repay hundred-fold the small financial loss involved.
§ Mr. Lennox-BoydIt would be unwise and unfair to the Corporation or the Government in a supplementary answer to answer a Question about a body whose activities cover so many millions of pounds.
§ Mr. J. JohnsonWill the Secretary of State confirm or deny that they are now paying interest on loans for past schemes amounting to some £9 million? Is it the intention of the Government to waive the interest upon them, because it is a millstone round the neck of the Corporation?
§ Mr. Lennox-BoydI hope we shall have the benefit of the hon. Gentleman's presence after 7 o'clock tonight, when he will find that Clause 5 of the Overseas Resources Development Bill deals with that point.