§ Mr. Thorntonasked the President of the Board of Trade what is his latest estimate of the cost to Treasury funds of the scrapping of machinery under the terms and conditions of the Cotton Industry Act, 1959.
§ Mr. ErrollMy latest estimate is £11.8 million.
§ Mr. Thorntonasked the President of the Board of Trade if he will state the opening and closing dates for receipt of applications for re-equipment grants under the terms of the Cotton Industry Act, 1959; and what will be the cost to Treasury funds for valid applications received to date.
§ Mr. ErrollApplications must be submitted not later than 8th July, 1962, and may relate to expenditure incurred on or after 24th April, 1959. Applications from the spinning, doubling and weaving sections were invited in March,16W 1960, and from the finishing sections in July, 1961. The likely cost to the Exchequer of applications so far received is about £9.7 million, assuming that all the projects go ahead.