§ Mr. Crowder
asked the Minister of Transport what was the total amount of loans and grants, respectively, made to port authorities under Sections 11 and 12 of the Harbours Act, 1964 to the latest convenient date; and what was the amount of money raised in the market by port authorities during the same period.
§ Mrs. Castle
As at 15th March, 1968, I had agreed to lend £28.5 million under Section 11, of which £21.3 million has actually been advanced; applications for a further £13.6 million are under consideration. In addition I have lent the British Transport Docks Board £16.15 million under Section 20 of the Transport Act, 1962.
I paid no grants under Section 12 until the ports modernisation grant scheme started in July, 1967; by mid-March grants paid to port authorities, including the B.T.D.B., totalled £5 million. I expect these grants to continue at the rate of about £10 million per year.
I have no detailed information about money raised cm the market, but I understand that about £32 million was raised by harbour authorities in the form of securities quoted on the London Stock Exchange between June, 1964, and December, 1967.