§ 1. Mr. Brockwayasked the Secretary of State for the Colonies if he will make a statement regarding proposals to increase the borrowing powers of the Colonial Development Corporation.
§ The Secretary of State for the Colonies (Mr. Alan Lennox-Boyd)The Government share the Corporation's view that it will need additional capital in order that it may embark on further projects in Colonial Territories. The amount is still under discussion.
§ Mr. BrockwayWhile I welcome that assurance, is it possible to put an end to this uncertainty before long, because the limit of £100 million is already committed, and schemes amounting to another £38 million are now being discussed, and because of the general recognition which that affords of the value of the work done by the Corporation?
§ Mr. Lennox-BoydIt is not true to suggest that the Corporation is now prevented by shortage of capital from embarking on further projects. It has £56 million outstanding, and the total effective commitments are about £84 million. I fully understand that the Corporation will need further funds soon, and we are discussing the matter with it. As I have said, an announcement will be made after we have had the discussions.
§ 23. Mr. Marquandasked the Secretary of State for the Colonies when he intends to introduce the necessary legislation to permit the Colonial Development Corporation to continue to operate existing schemes in Colonial countries which achieve independence and to provide further capital for such schemes.
§ Mr. Lennox-BoydLegislation is not required for this purpose. The Corporation can do these things under the Overseas Resources Development Acts as they stand at present.
§ Mr. MarquandMay I ask the right hon. Gentleman whether, before making his statement of 1st July, he consulted the Corporation, and if he has not done so, will he do so at an early date?
§ Mr. Lennox-BoydI and my fellow Ministers, as well as officers of my Department, are in constant touch with the Corporation on this and everything else.
§ 24. Mr. Marquandasked the Secretary of State for the Colonies whether the authority of a United Kingdom Minister will be required to enable the Colonial Development Corporation to undertake the management of development projects within the territory of another independent Commonwealth Government.
§ Mr. Lennox-BoydThis question is at present being considered in connection with the legislation which will be required to enable the Colonial Development Corporation to carry out this new function.
§ Mr. MarquandHas the right hon. Gentleman had any assurance from any of the Prime Ministers or other representatives of independent Commonwealth countries who were here recently that such countries will be willing to use the services of the Corporation if the Corporation is debarred, as apparently it will be, from making any financial contribution when it undertakes a scheme of this kind?
§ Mr. Lennox-BoydI know that all Dominions would be very interested in suggestions of this kind, though every particular case would, of course, have to be examined on its merits.
§ Mr. MarquandIn preparing the legislation, will the right hon. Gentleman consider the suggestion that when undertaking a management agency it would 917 not be unreasonable for the Corporation itself to have some share of the finances of the scheme?
§ Mr. Lennox-BoydNo, Sir. The basis of this association was that it would be without commitment of Corporation funds, but, subject to that, I will take notice of anything that the Corporation may say.