§ Mr. Gryllsasked the Secretary of State for Industry when he expects to determine the commencing debt of British Shipbuilders; and how much public dividend capital and how much national loans fund money has been issued up to 31 January to British Shipbuilders.
§ Mr. Les HuckfieldIn determining the commencing debt regard must be had to the aggregate amount of compensation payable under the Aircraft and Shipbuilding Industries Act. I can not say when negotiations and any arbitration on this will be completed. Up to 31 January £40 million had been made available to British Shipbuilders from the national loan fund on a temporary basis pending a decision on long-term financing. No public dividend capital has been issued.
§ Mr. Gryllsasked the Secretary of State for Industry whether he is satisfied that British Shipbuilders will make a profit on the agreement he signed with British Shipbuilders and the Polish Steamship Company for the supply of 22 cargo ships and two crane barges, taking into account the shipbuilding intervention fund subsidy payment of £28 million.
§ Mr. Les HuckfieldOverall British Shipbuilders now expects to make a loss on these orders after crediting shipbuilding intervention fund assistance, but it will not be possible to quantify this until the contract has been completed.