HC Deb 05 February 1958 vol 581 cc1297-8

Motion made, and Question proposed, That the Clause stand part of the Bill.

Mr. Profumo

I do not wish to detain the Committee unduly, but I should like to say a word about Treasury guarantees. The provision for this has existed in the Overseas Resources Development Acts since their inception, but the question of a Treasury guarantee for borrowing by the Colonial Development Corporation from a source other than the Exchequer would, quite naturally, have to be considered in the light of all the relevant circumstances at the time.

My hon. Friend the Under-Secretary of State for Commonwealth Relations, who mentioned this matter on Second Reading, has asked me to make it quite clear that it is not contemplated that a Treasury guarantee should become a normal accompaniment of loans which the C.D.C. may secure from sources other than the Exchequer. The intention is that the C.D.C. should raise money on its own credit, and I assure the Committee that that is certainly the view of the C.D.C. itself. I thought it better to make that plain now for the convenience of the Committee rather than at a later stage.

Mr. Creech Jones

Can the Under-Secretary give some assurance that a further Bill will be forthcoming, dealing in a more ample way with some of the financial problems which the C.D.C. is facing and with some of the difficulties which I am certain are at present being discussed between the Corporation and the Colonial Office?

We are a little disappointed with the limitations of the Bill and we feel that the Corporation is obliged to work under the greatest difficulties. We hope that these difficulties will be removed at the earliest possible moment. Can the hon. Gentleman assure us that before long these negotiations will come to an end and that appropriate legislation will be forthcoming?

Mr. Profumo

I am afraid that I am not in a position to give a categorical undertaking that there will be legislation. The right hon. Gentleman is perfectly correct in saying that some of these complex matters are now being studied by my right hon. Friend and the C.D.C. When these studies have come to an end, I have no doubt that we shall be able to make some form of announcement, but it would be wrong and misleading to the Committee if I tried to indicate at this stage that there would be any future legislation, which I think the right hon. Gentleman has requested. I hope that within the course of the not too distant future Her Majesty's Government will be able to make some announcement about the results of these negotiations.

Question put and agreed to.

Clause ordered to stand part of the Bill.

Clause 3 ordered to stand part of the Bill.

Bill reported, without Amendment.

Motion made, and Question proposed, That the Bill be now read the Third time.

8.58 p.m.

Mr. Profumo

Now that we have come to the final stages of the Bill, I want to thank hon. and right hon. Members on both sides of the House for their comments and indeed for their patience. Even if some hon. Members feel that the Bill does not go far enough in certain respects I think that we can all join in welcoming it as a Measure which provides additional scope to the C.D.C. I do not wish to detain the House, but I felt that it would be appropriate for me to wish the Bill well and to speed it on its voyage to another place, and to thank hon. and right hon. Members for the way in which they have dealt with it up to now.

Question put and agreed to.

Bill accordingly read the Third time and passed.