§ Mr. James Whiteasked the Secretary of State for Industry if he has been able to offer assistance with regard to the second large tanker which Maritime Freight Carriers had ordered from Scott Lithgow.
§ Mr. KaufmanFollowing requests from and meetings with local MPs, trades unionists and local representatives, officials from my Department were asked to discuss the situation with the company. Scott Lithgow has now found another buyer for this vessel, and in the light of this my right hon. Friend has agreed to provide financial assistance of £5 million under Section 7 of the Industry Act 1972 to enable the company to complete the ship, on which a considerable amount of work has already been done. The buyer is the Dexter Shipping Company, a member of the Niarchos Group, and the deal is for cash. I regard the securing of this order as most satisfactory, both in its own right, and because it points the way to what may be achieved by the operation of the Intervention Fund which I announced to the House last week.
159W