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Volume 655: debated on Tuesday 13 March 1962

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Development Corporation (Investment Offers)


asked the Secretary of State for the Colonies whether the offer by the North Borneo Government to invest $250,000 in the Borneo Development Corporation and a similar offer by the Sarawak Development Finance Corporation have yet been accepted; and if he will make a statement.

The Borneo Development Corporation is a whollyowned subsidiary of the Colonial Development Corporation and I understand that the offers of the North Borneo Government and the Sarawak Development Finance Corporation are acceptable to the Corporation. I am at present considering the Corporation's application for sanction for additional capital for investment in the Borneo Development Corporation.

Will my right hon. Friend bear in mind that if the proposals for Greater Malaysia proceed with the speed that is intended, unless a really early decision is arrived at about the possible investment of this money in North Borneo it may be too late to act under the C.D.C. operation?

Are we to understand from that supplementary question and answer that it is the intention of the Government to bring North Borneo—700 miles from Malaya—into the Malaysian Federation?

The hon. Gentleman's supplementary question goes much wider than my hon. Friend's Question, which was devoted to a particular investment project.