§ 37. Mr. Murtonasked the President of the Board of Trade if he will now take steps to apply to British shipowners building new tonnage in the United Kingdom the special credits at five and a half per cent. granted to foreign owners ordering new tonnage in this country.
§ Mr. MasonNo, Sir. But I am well aware of the attitude of the shipowners on this issue and I expect that they will refer to it in the general submission they are making to the Government.
§ Mr. MurtonDoes the hon. Gentleman agree that the British Merchant Navy is engaged in an industry in which we lead the world? Does he think that the long-term implications which this will have will mean that British shipowners will be denied something which is given to foreign interests in the nature of cheap credit?
§ Mr. MasonThis does not affect the competitive position of British shipowners. Credit on these terms was available in foreign countries before these easier and cheaper credit terms were introduced in Britain.
§ Mr. ShinwellIs it not anomalous that foreign shipowners should receive this very useful benefit and British shipowners be deprived of it?
§ Mr. MasonI must remind my right hon. Friend that these credits were available in foreign countries before we introduced them. What this has done is to enable our industry to capture some of these orders which previously were going abroad.