§ 43. Mr. Peytonasked the Chancellor of the Exchequer if, in view of the current difficulties of British shipping, he will receive a deputation of representatives of the industry.
§ Mr. PeytonI am grateful for that reply. May I ask my hon. and learned Friend if he will invite his right hon. Friend, before he receives a deputation, to reflect upon two things? First, that in the past 20 years there has been no new entrant into the British shipping industry; and secondly, that the tax straitjacket in which the industry now languishes enhances the already excessive good fortune enjoyed by operators of shipping under flags of convenience?
§ Mr. SimonYes, Sir. I will draw my hon. Friend's observations to the attention of my right hon. Friend.
§ 44. Mr. Peytonasked the Chancellor of the Exchequer if he will review the provisions for depreciation of ships.
§ Mr. PeytonMay I ask if particular consideration could be given to the possibility of allowing British shipowners to write off the cost of their ships so soon as their profits allow them to do so, without any other restrictions? Is he aware that it is in this field particularly, where we are extending to these flags of convenience owners, who have already enjoyed an excessive good fortune, an advantage which they have done nothing to deserve?
§ Mr. SimonYes, Sir, that will be one of the matters which my right hon. Friend will take into consideration. On the other hand, I am bound to point out that, following the recent tax remissions in favour of the shipping industry, 88 per cent. of the cost of new dry cargo vessels and 95 per cent, of the cost of new tankers is allowed for tax purposes in the first five years.