HC Deb 17 February 1975 vol 886 cc300-1W
Mr. Trotter

asked the Secretary of State for Industry what is his estimate of the turnover and profit or loss for the current financial year for (a) Harland and Wolff and (b) Cammell Laird.

Mr. Meacher

Harland and Wolff Ltd. is a quoted company and it would not be proper for me to disclose its trading results in advance of publication of its audited accounts.

Cammell Laird Shipbuilders Ltd. is 50 per cent. owned by the Laird Group, which is also a publicly quoted company and the same considerations apply.

Both companies' financial year runs to 31st December and the 1974 accounts are still in preparation.

Mr. Trotter

asked the Secretary of State for Industry to what extent his Department is responsible for controlling Harland and Wolff and in particular for approving the company's plans and monitoring its performance.

Mr. Meacher

Overall responsibility for the Government interest in this company rests with the Secretary of State for Northern Ireland. Nevertheless, under the terms of a Shipbuilding Industry Board loan my Department has a number of formal powers to obtain information, and my right hon. Friend's approval is necessary, for example, for new development projects, new borrowings, for the appointment of a chairman, or chief executive, and for any changes in directors' fees. My officials receive regular financial and production information from the company, mainly on a monthly basis.