HC Deb 20 May 1958 vol 588 cc1076-7
6. Mr. Peyton

asked the Chancellor of the Exchequer the net contribution of the shipping industry to the balance of payments in each of the last two years; and how he calculates these figures.

Mr. Amory

It is estimated that the dry cargo shipping industry made net contributions to the United Kingdom's balance of payments of £280 million in 1956 and £300 million in 1957. These amounts are estimated by deducting United Kingdom ships' disbursements in overseas ports and time-charter hire payments by United Kingdom shipping companies, from income received by the industry from abroad in respect of freight, charter hire and passenger fares.

Mr. Peyton

While thanking the right hon. Gentleman for that very informative reply, may I ask him what the earnings from tanker freights were, and may I also ask him if it is a fact that those figures are different from those normally printed in the balance of payments White Papers, which take account of the disbursements of freights on United Kingdom imports and thereby give an under-estimate of the great contribution made by this industry?

Mr. Amory

Yes, Sir. The figures are different from the figures published in the annual White Paper, and if my hon. Friend likes I will write to him to explain why that is so, but I think he understands the reason for it. I am afraid that it is not easy to give the net earnings of the tankers because, as my hon. Friend knows, they are owned mainly by the oil companies and it is extremely difficult to separate their earnings from freights from their other oil earnings; but that would amount to a substantial sum. Thirdly, I entirely agree with him that these earnings reflect the greatest credit on one of our most important national industries.