HC Deb 26 June 1969 vol 785 cc1693-4
25. Sir H. d'Avigdor-Goldsmid

asked the Secretary of State for Economic Affairs whether he is satisfied that the gross dividend of £750,000 paid by the Industrial Reorganisation Corporation on its public dividend capital of £31 million in the financial year 1968–69 represents an adequate return in present conditions; and if he will make a statement.

Mr. Shore

The I.R.C.'s primary task is to promote industrial reorganisation to the benefit of the United Kingdom economy, not to make substantial profits I am well satisfied with the dividend for 1968–69, and with the fact that the I.R.C. has achieved profitability a year earlier than expected.

Sir H. d'Avigdor-Goldsmid

Can the right hon. Gentleman say how much more of this artificially cheap trafficking is to be put at the disposal of the I.R.C. in the current year? Should not this matter be brought to the attention of the International Monetary Fund?

Mr. Shore

I.R.C. expenditure is programmed in the Estimates in the normal way, as with other bodies.

Mr. McNamara

Is my right hon. Friend aware that Questions such as that which we have just heard from the hon. Member for Walsall, South (Sir H. d'Avigdor-Goldsmid) misrepresent the rôle and function of the I.R.C., which is intended to restructure industry? Is he further aware, therefore, that we on this side of the House welcome everything done in this way?

Mr. Shore

I thank my hon. Friend for his remarks. I would remind hon. Gentlemen opposite who have doubts about the effectiveness of the I.R.C. that they have only to read its second Annual Report to see an immense record of achievement in restructuring vital sections of British industry.