§ 21. Mr. T. Fraserasked the President of the Board of Trade if he will make a statement on the estimated effect of the recently announced credit restrictions on industrial development in Scotland.
§ Mr. J. RodgersThere is no evidence that the recently announced credit controls will have any adverse effect on industrial development in Scotland.
§ Mr. FraserWill the Parliamentary Secretary say what is the purpose of credit restriction? Did not the Chancellor of the Exchequer make clear in his announcement that the purpose was 184 to check overstrain on the economy. Surely that was to curb industrial development? As it is generally assumed that this would be the effect, why on earth was it necessary and for what purpose was it necessary to impose any restriction in Scotland? I thought that the Parliamentary Secretary was anxious to stimulate industrial development in Scotland.
§ Mr. RodgersI thought I made clear that there was no question of controls to prevent the continuance of sound and steady expansion within our resources, and that any fall in home demand, whether in England or in Scotland, could be offset by a rise in exports.
§ Mr. Hector HughesDoes the Parliamentary Secretary recollect the booklet which was recently issued by his Department entitled "Expanding Industry"? Will he relate the Answer he has just given to the terms of loans in that document? Are those loans now to be varied and variable? Are some to be treated in one way and some in another and, if so, is not that unfair?
§ Mr. RodgersI think that is another question.