§ Sir H. NIELDasked the Chancellor of the Exchequer how many applications have been made for guaranteed advances under the Trade Facilities Act, 1921, and how many have been accepted and the actual terms concluded; what total sum has been definitely guaranteed under these concluded matters; what sum is involved in the incomplete applications; and what prospect is there of a speedy determination of these pending matters.
Mr. HILTON YOUNGThe total number of applications for guarantees received by the Advisory Committee appointed under the Trade Facilities Act is over 500. The Treasury have decided to give guarantees in respect of 15 cases representing in all a capital sum in excess of £15,000,000. It is impossible to set out the actual terms on which these guarantees have been given as it will be realised that these are of a very lengthy and complicated nature, but I am arranging for a statement to be presented to Parliament at an early date showing the names of the companies to whom the guarantees will be given and the amounts in each case.
As regards the third part of the question, it is impossible to give a useful figure of the total sum of the incomplete applications as in a number of these cases modifications of the amount frequently take place while investigations are being pursued.
With regard to the last part of the question, the Committee is doing everything in its power to complete its operations, but I am afraid I cannot give a 2590W definite date by which the guarantees in respect of the full amount of £25,000,000 will have been given. The Committee has already held over 50 meetings.
I would refer my hon. Friend to the Paper which will be issued next Monday (House of Commons Paper 62). The Committee has held over 50 meetings, and has considered some 500 applications. My hon. Friend will realise that applications involving guarantees by the taxpayer require careful investigation.