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British Guiana

Volume 645: debated on Tuesday 25 July 1961

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Colonial Development Corporation (Consolidated Goldfields Ltd)

35.

asked the Secretary of State for the Colonies whether, in view of the financial reorganisation, and in view of the importance of maintaining local good will for the operations of the Colonial Development Corporation, he will reconsider the decision of the Corporation to insist on its rights as secured creditors of British Guiana Consolidated Goldfields Limited being given priority over other small creditors in the area.

I understand that the Corporation has authorised the Receiver to make a number of ex gratia payments to creditors of the company. It is expected that the Corporation will shortly dispose of its residual assets and that the company will remain in operation.

While thanking the Minister for that Answer, which, I think, will be very welcome in the West Indies, may I ask whether he is aware that it would be much easier for the Colonial Development Corporation to build up the kind of local good will that is essential if the Government would relax some of the financial restrictions which they impose upon the Corporation?