HC Deb 10 November 1971 vol 825 c1088

Queen's Recommendation having been signified—

Resolved, That, for the purposes of any Act of the present Session to authorise the giving of financial assistance in connection with mineral exploration, and to clarify or extend certain exceptions from the abolition of investment grants, it is expedient to authorize—
  1. the payment out of moneys provided by Parliament, up to a total of £50,000,000, of contributions by the Secretary of State towards expenditure incurred on mineral exploration (including the evaluation of mineral deposits) in Great Britain and certain sea areas, and the payment into the Consolidated Fund of any sums received by him by way of repayment of any such contribution, with or without interest or an addition in lieu of interest; and
  2. —any such increase in the sums payable out of moneys provided by Parliament, or payable into the Consolidated Fund, under section 30 of the Industrial Development Act 1966 as may result from extending in either of the following ways the cases in which investment grants may continue to be paid, that is to say,—
    1. in the case of grants under section 4(2) (hired assets), from modifying the requirement in section 4(2)(a)(ii) that the person to whom the asset has been hired out could, on certain assumptions, have had a grant made to him; and
    2. in the case of grants under section 5 (ships), from modifying section 1(4) of the Investment and Building Grants Act 1971 so that a person is treated as entitled to the benefit of a contract for the construction of a new ship if he is entitled subject to the rights of an assignee by way only of security.—[Sir J. Eden.]