§ Captain Waterhouse
The levy in question is payable to the Board of Trade, not to British Overseas Cottons, Limited, and payments are made by the Board of Trade to the company only as needed. It would not be in the public interest to disclose the yield of the levy but payments by the Board of Trade to British Overseas Cottons, Limited, as a result of its operations up to the 31st January, 1942, amounted to £106,432. Of this amount £56,432 was on account of the net loss after taking into account the company's trading operations and administrative expenses. £50,000 was to finance the initial purchase of cloth. In view of the changed circumstances of the export trade my right hon. Friend is reviewing the whole position.