§ 8. Mr. Fisherasked the Secretary of State for the Colonies what encouragemetn is being given by Her Majesty's Government to private investors to assist in the industrial development of Jamaica.
§ Mr. H. FraserThe encouragement of private investors to assist in the industrial development of Jamaica is primarily a matter for the Jamaican Government. But Her Majesty's Government keep in touch with the office of the Jamaica Government's Industrial Development Corporation in this country and are always anxious to help in any way possible. The Colonial Development Corporation's commitments on housing and industrial projects in Jamaica, supplementary to private investment, total more than £6.5 million.
§ Mr. FisherAlthough industrial development is going extremely well in Jamaica—with one new factory erected every month—is my hon. Friend aware that it is nevertheless the fact that of this capital a large proportion comes from the United States, a much smaller proportion from Canada, and only a very small proportion indeed from the United Kingdom? Can he and the Jamaican Government together devise a means of correcting this discrepancy in our capital provision?
§ Mr. FraserAs long as capital comes from a friendly Power and from this country, I believe that our official sources of capital formation should be devoted to the more backward areas where the need for capital is even greater than it is in Jamaica.