§ Mr. Wolrige-Gordonasked the Secretary of State for Scotland on what conditions grants and loans are now being made available for the construction of fishing vessels.
§ Mr. RossThe conditions on which grants are made for the construction of fishing vessels are stated in the White Fish Industry (Grants for Fishing Vessels and Engines) Scheme 1962, S.I. No. 1586, as amended by the White Fish Industry (Grants for Fishing Vessels and Engines) (Amendment) Scheme 1964, S.I. No. 321; and the Herring Industry (Grants for Fishing Vessels and Engines) Scheme 1962, S.I. No. 1616.
The Herring Industry Board and the White Fish Authority are empowered under arrangements approved by the Ministers responsible for fisheries and by the Treasury to give loans towards the cost of construction of new fishing vessels. The principal conditions are that borrowers shall be British subjects or British companies and that they shall satisfy the Board, or the Authority, of 81W their competency to operate such a vessel successfully and of the vessel's efficiency for the purpose in mind. Borrowers are required to find a deposit of at least 15 per cent. of the approved cost of the new vessel. The maximum amount of loan is 60 per cent. of the cost (or in the case of freezer-trawlers 50 per cent. of the cost) and together grant and loan assistance may not exceed 85 per cent. of the cost. The Board or the Authority require to have a first mortgage against the loan on the vessel. Borrowers must undertake to repay the loan by equal half yearly instalments over the period of the loan as well as to make half yearly payments of interest due on the sums outstanding. Full details of the conditions of loan assistance may be obtained from the Board and the Authority.