Mr. W. E. Garrett
asked the Secretary of State for Industry whether he has made any progress in authorising payments on account of compensation for the nationalisation of the aircraft and shipbuilding industries.
§ Mr. Kaufman
I have now authorised payments on account of compensation616W totalling £21.95 million in respect of the unquoted securities of the following companies or groups of companies nationalised:
£000 British Aircraft Corporation (Holdings) Ltd 6,100 Hawker Siddeley Aviation Ltd 3,100 Hawker Siddeley Dynamics Ltd Scottish Aviation Ltd 500 Austin & Pickersgill Ltd 5,200 Brooke Marine Ltd 350 Cammell Laird Shipbuilders Ltd 150 Hall Russell & Co Ltd 300 Barclay, Curie & Co Ltd 2,350 Clelands Shipbuilding Co Ltd The Goole Shipbuilding & Repairing Co Ltd Smith's Dock Co Ltd Swan Hunter Shipbuilders Ltd Swan Hunter Training and Safety Co Ltd Yarrow (Shipbuilders) Ltd 1,400 Yarrow (Training) Ltd George Clark & NEM Ltd 650 Hawthorn Leslie (Engineers) Ltd 400 John G. Kincaid & Co Ltd 1450
The payments authorised are derived from a preliminary view of the Government's likely negotiating positions on both the base value and any appropriate deductions under Section 39 of the Aircraft and Shipbuilding Industries Act 1977 relative to the companies in question. Since substantive negotiations have not yet begun in respect of any company, the quality of the information available to the Government on the different elements involved varies with the different companies and it cannot be assumed that the final compensation settlement in a given case will bear any particular relationship to the payment on account.
Because certain financial issues are still unresolved, no payments on account have been authorised in respect of the following companies:
- Scott Lithgow Ltd.
- Scott Lithgow Drydocks Ltd.
- Vickers Shipbuilding Group Ltd.
- Vosper Thornycroft (U.K.) Ltd.
- Vosper Shiprepairers Ltd.