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New Capital Issues, Scotland

Volume 527: debated on Tuesday 11 May 1954

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asked the Chancellor of the Exchequer the total of new issues approved by the Capital Issues Committee for industry and investment companies operating in Scotland as a whole and in the seven crofting counties separately.

In view of the urgent need for industrial development, particularly in the North of Scotland, can my right hon. Friend advise whether there is any method of tapping the immense resources of the Industrial and Commercial Finance Corporation, which was conceived and originated in Scotland with Scottish money for the purposes of Scottish reconstruction and rehabilitation?

We are all well aware of the importance of Scottish money. My difficulty is in differentiating between money raised in Scotland and money raised in England when approval is sought from Capital Issues Committee. That presents an almost insoluble problem. I certainly wish to support the investment of money in the areas to which my noble Friend has referred.

Has the right hon. Gentleman any information that real enterprise in the North of Scotland has been refused assistance by the Capital Issues Committee?