Short Brothers and Harland

HC Deb 24 June 1968 vol 767 cc15-6

43. Mr. McMaster

asked the Minister of Technology what proposals he has for financing Short Brothers and Harland now it has been successful in obtaining the RB211 podding contract.

Mr. Stonehouse

Proposals for financing the future programme of Short Brothers and Harland Limited, including the podding contract referred to, have been put forward by the company's board. I am now considering them, and in view of the substantial sums of public money involved, I have asked Messrs. Binder, Hamlyn and Company, a firm of chartered accountants, to assist the Department in this matter.

Mr. McMaster

Is the Minister aware of the embarrassment caused to Short Brothers and Harland as a result of the inquiry by yet another firm of accountants, the second in 12 months to investigate the firm's affairs? Is he aware of the difficulties caused by the delay in making proper financial arrangements for this company? If there is to be a further delay will he ensure that there is adequate bridging finance available, because the jobs of many thousands of skilled men in Belfast are dependent upon adequate financial arrangements being made?

Mr. Stonehouse

On the first aspect, the inquiry that was initiated and conducted three years ago was with regard to the potential for diversification at Shorts. This is an inquiry about the financial structure. With regard to the second point, we understand from the company that it will need interim finance while these investigations and inquiries are being conducted. We have to consider how best this need for funds can be met.

Sir Knox Cunningham

Is the right hon. Gentleman aware that this firm has for two years running won the Queen's Award to Industry, and is doing excellent work? Does he appreciate that time is of the essence in this matter, and will he expedite these financial arrangements?

Mr. Stonehouse

I pay tribute to the tremendous successes that this firm has achieved. There is no doubt that it is technically excellent in many of the things that it does, and I give an assurance that this series of inquiries will be conducted as quickly as possible.

Mr. McMaster

On a point of order. In view of the unsatisfactory nature of the reply, I beg to give notice that I shall seek leave to raise this matter on the Adjournment at the earliest opportunity.