§ Mr. Patrick Maitlandasked the Chancellor of the Exchequer what further resources have been made available to the Colonial Development Finance Corporation since the Montreal Conference; and what further provision is intended.
§ Mr. ErrollThe Commonwealth Development Finance Company is a private company and any arrangements for increasing its resources are matters for the board of the company. The hon. Member may, however, have seen in the Press a recent announcement that the company, foreseeing increased demands for development capital by Commonwealth countries, has invited a number of large British industrial and commercial companies to become shareholders. They will be in addition to the 91 concerns in private industry and commerce and finance who are already shareholders. The Bank of England, while remaining a minority shareholder, is ready to take up further shares. The hon. Member will recollect that, in the report of the Montreal Conference, it was stated that the Bank of England was ready to consider the provision of further resources to the company.