§ Mr. Normantonasked the Minister of Transport if he will announce his decision on the request by the Mersey Docks and Harbour Company for him to stand behind an increase in its present overdraft facilities.
§ Mr. FowlerI am informing the company today that I am prepared to stand behind up to £3 million of additional bank overdraft. This would be drawn in tranches on proof of need, pending the submission by the company of more detailed proposals for the implementation of its recent profitability study and of the arrangements it envisages for financing them.
Before I am prepared to consider an application from the company for assistance for further financing arrangements I shall require to be satisfied that the company and its work force are fully committed to a firm timetable for the manpower reductions and major changes in working practice that are necessary to secure the port a viable future. In accordance with normal procedure, I will be laying a formal minute before the House.