§ 50. Mr. Ellisasked the Secretary of State for Economic Affairs if he will make a statement about the progress the 130W Industrial Reorganisation Corporation is making in achieving its statutory objectives.
§ Mr. ShoreThe I.R.C. has presented its second report and accounts, copies of which are now available in the Vote Office. The report describes in detail the Corporation's general approach to its task of promoting industrial efficiency and profitability and assisting the economy. Hon. Members will see that the I.R.C. has achieved considerable progress in many sectors of industry, particularly in electrical and mechanical engineering whose performance is so important to the balance of payments.
I am happy to be able to inform the House that the I.R.C. will pay a dividend of £750,000 gross on its Public Dividend Capital. This is because the I.R.C. has achieved profitability a year earlier than anticipated in its first Report and Accounts.
I should like to take this opportunity of expressing the Government's warm thanks to the Chairman—Sir Joseph Lockwood, the ex-Chairman—Sir Frank Kearton, the Managing Director—Mr. Charles Villiers, and members of the Corporation for their valuable work.