§ Mr. Leatherasked the Secretary of State for the Colonies if he will make a statement on the financial structure of the Colonial Development Corporation.
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§ Mr. Lennox-BoydYes. As hon. Members are aware, the Government have been considering whether the financial basis on which the Colonial Development Corporation is required to operate is the one best suited to present circumstances; and the Corporation itself has for some time been pressing for changes in regard to particular features of its capital structure.
Preliminary studies have shown that the problems involved in relating the normal requirements of Government finance to the circumstances of the Corporation are complex. The Government feel that it would be of great assistance to have before it an independent report embodying wide business, financial and accounting experience. They have therefore decided, with the full agreement of the Colonial Development Corporation, to set up a small committee of inquiry with the following terms of reference:
To examine the functions of the Colonial Development Corporation within its existing statutory framework; to consider whether any change in its financial structure is required: and to make recommendations.I am happy to inform hon. Members that Lord Sinclair of Cleeve has agreed to act as Chairman of the inquiry; and that Sir Archibald Forbes and Sir Harold Howitt have agreed to serve as the other members.