§ 26. Mr. Shinwellasked the Chancellor of the Exchequer what financial or other plans he has for the relief of British shipping, as a result of his study of the industry's difficulties.
The Chancellor of the Exchequer (Mr. Derick Heathcoat Amory)The current difficulties of the British shipping industry are being studied by my right hon. Friend the Minister of Transport. So far as taxation is concerned, the shipping industry already receives more favourable treatment than any other British industry by virtue of the 40 per cent. investment allowance. I have no plans for further measures at present.
§ Mr. ShinwellWould not the right hon. Gentleman agree, first of all, that he and his colleague the Minister of Transport have completely failed to come to an arrangement with either the United States Government or the United States maritime interests. Secondly, is he aware that the investment allowances are of no value to shipowners unless profits are made? Although shipowners, unlike farmers, are not asking for a temporary or permanent subsidy, will the right hon. Gentleman consider, where shipbuilding is urgently required, the possibility of providing loans at low rates of interest?
Mr. AmoryInternational arrangements are a matter for my right hon. Friend the Minister of Transport. I understand that the General Council of British Shipping is conducting a survey of the problems of the industry at present and no doubt will be reporting the results to my right hon. Friend. The investment allowance is not only available in cases where profits are earned currently but also where they are likely to be earned in the immediate years to come.
§ Mrs. McLaughlinIs my right hon. Friend aware that, because of lack of assistance and encouragement, the British shipbuilding industry is in great difficulties about the future and that many people will be out of work in the industry in this country in the next few years unless something really drastic is done in this matter?
Mr. AmoryAgain, I hope that my hon. Friend will address any Questions to my right hon. Friend the Minister of Transport. I understand that a survey of the problems of the shipbuilding industry is being made at present by the Shipbuilding Advisory Committee.
§ Mr. ShinwellI am not wishing to quarrel with the right hon. Gentleman about his right hon. Friend the Minister of Transport, but is he aware that the Minister of Transport is a complete failure as far as any improvement in the shipping industry is concerned? While I am not asking for his resignation, it might at any rate be considered.
Mr. AmoryIt does not fall to me to consider, but I might say that I have the highest regard and admiration for my right hon. Friend the Minister of Transport.