HC Deb 26 November 1969 vol 792 cc392-3
2. Mr. Bruce-Gardyne

asked the President of the Board of Trade if he will give the number and aggregate value of contracts between United Kingdom manufacturers and foreign buyers which the Overseas Marketing Corporation has been instrumental in promoting and the average size of the United Kingdom firm concerned.

Mr. Mason

The Overseas Marketing Corporation is established as a private limited company, and it would, therefore, not be right to disclose details concerning the commercial activities of the corporation.

Mr. Bruce-Gardyne

Come now—this body has already taken upwards of £200,000 of preferentially valued loan capital from the taxpayer. Is not the taxpayer entitled to know what is being done with the money, and the extent to which he is getting value for the money expended on his behalf?

Mr. Mason

As I have said, it is a private limited company. If the hon. Gentleman wanted more information, I would advise him to go to the company. It is true that it has drawn £275,000, and so far it has had a measure of success in Europe.

Mr. Ridley

Can the right hon. Gentleman tell us what return we are likely to see on the £275,000 which has been drawn? This is what is of interest to the taxpayers who put up the money.

Mr. Mason

That is not quantifiable just yet. The O.M.C. is an experimental initiative, and it has spent some time helping manufacturers who lacked marketing resources and expertise in identifying opportunities for them abroad and finding them markets.