§ Mr. Boyd-Carpenterasked the Chancellor of the Exchequer if he will circulate in the OFFICIAL REPORT a table showing the sums held as deposits under 73W the Import Deposits Scheme at the beginning of each month since the initiation of the Scheme ; what he calculates at interest rates then current has been the cost to importers ; and what he calculates will be the best figures to importers resulting from the continuation of the Scheme at 40 per cent. for a further year.
§ Mr. TaverneThe net cumulative receipts of import deposits from the commencement of the Scheme to the beginning of each month have been as follows:
1968 £million December … … … 3 1969 January … … … 77 February … … … 173 March … … … 254 April … … … 348 May … … … 444 June … … … 535 July … … … 556 August … … … 563 September … … … 564 October … … … 558 Since there are considerable variations in the methods by which import deposits can be financed and the extent to which the cost of finance is actually borne by importers, it is not possible to give an estimate of the total cost to importers.
If the import deposit continues at 40 per cent. for a further year, the total net receipts of deposits would remain at about the current level until early December, 1969 ; fall steadily to about 80 per cent. of that level by early June, 1970 ; remain at about the lower level until early December, 1970: and then fall to zero over the following six months.