§ Mr. D. GRENFELLasked the Financial Secretary to the Treasury the amount of assistance which has been given to British shipbuilding companies under the Trade Facilities Act; the rates of interest at which the various amounts were advanced; and the amount given in the form of subsidy for shipping companies?
§ Mr. HORE-BELISHALoans of £2,488,345 raised by British shipbuilding companies were guaranteed as to principal and interest by the Treasury under the Trade Facilities Acts, 1921-1926. These loans were raised at various interest rates as under:
- £1,493,345—Bank rate with minimum of 5 per cent.
- £600,000—Scottish Banks' Cash account rate with minimum of 5 per cent.
- £95,000—Bank rate with minimum of 4 per cent.
- £300,000–5¼ per cent.
No subsidies were given to shipping companies under the Trade Facilities Acts but such companies were eligible for guarantees under the Acts and the guarantees to British shipping companies actually given totalled £17,582,305.