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European Economic Community

Volume 885: debated on Thursday 30 January 1975

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asked the Secretary of State for Trade what study he has made of the differences between accounting and auditing practice in the United Kingdom or other countries of the European Community and the problems that would occur in the event of harmonisation of such practices.

My Department has taken account of the differences in accounting and auditing practice between the United Kingdom and other member States in its consideration of EEC proposals for harmonisation of the form and content of company accounts consolidated accounts and auditors qualifications. These proposals and their likely effect on United Kingdom law and practice are the subject of continuing detailed study by the Department in consultation with the accountancy profession and representatives of other interested organisations.

asked the Secretary of State for Trade what was the approximate amount of United Kingdom capital investment in the original six member States of the EEC for each of the years

£ million
Agriculture, forestry and fishing0·10·20·7
Mining and quarrying··-0·1
Mechanical engineering and instrument engineering7·4†9·2†23·8
Electrical engineering6·7
Shipbuilding and vehicles (excluding motors)··14·1‡-0·5
Motor vehicle manufacture8·3
Food drink and tobacco54·0†148·1†33·9
Chemical and allied industries16·4
Metal manufacture0·3
Textiles, leather clothing and footwear3·8
Paper, printing and publishing3·1
Other manufacture12·4
Transport and communications other than shipping1·51·97·3
Distributive trades18·639·875·1
Other financial institutions-6·2-2·90·4
Property owning and managing0·2†50·2†-7·8
Other activities34·0
* Excluding oil.
† Figures for industries bracketed together were not compiled separately for 1970 and 1971.
‡ Components do not necessarily add to totals because each figure has been rounded independently; also, for 1970, figures not shown separately are included in the total.
— Nil or less than £50,000.
·· Figures cannot be shown separately because information about individual firms would be disclosed.

asked the Secretary of State for Trade (1) if he will publish a table in the Official Report showing the changes in the level and balance of trade between the United Kingdom and the six original members of the European Economic Community, identifying where practicable those items where any significant

1970 to 1974, indicating where practicable the categories of enterprise in which such investment has been made, including that of productive industry.

The information available is given in the table below. It relates to United Kingdom investment net of disinvestment; portfolio, oil and miscellaneous investment—including other investment in real estate—are not covered. United Kingdom direct investment is the total investment by United Kingdom companies in their overseas branches, subsidiaries and associates, including reinvested profits; separate information is not available on the investment in fixed assets of these overseas affiliates. Corresponding information relating to 1973 will be published in this year's Business Monitor, M4, Overseas Transactions.changes have occurred, between the years 1970 and 1974;(2) If he will publish in the

Official Report a table showing the changes in the level and balance of trade between the United Kingdom and Denmark and Eire, respectively, identifying where practicable those items where any significant

changes have occurred, between the years 1970 and 1974.

There is no commodity analysis of trade on a balance of payments basis, and it is therefore necessary to use information on an overseas trade statistics basis. For 1970, information at division level relating to imports is published in Table 1 of Volume 1 of the Annual Statement of Overseas Trade; corresponding information relating to exports may be found in Table III of that publication. Similar data for 1974 is provided in Tables II and V of the monthly Overseas Trade Statistics for December 1974, an advance copy of

SITC(R) Division19701971197219731974
01—Meat and Meat Preparations
EEC (six)676912
Denmark and Eire4041363447
Rest of World5452585742
02—Dairy Products and Eggs
EEC (six)913122646
Denmark and Eire3128303937
Rest of World5958583517
03—Fish and Fish Preparations
EEC (six)566810
Denmark and Eire1111111214
Rest of World8383828077
04—Cereal and Cereal Preparations
EEC (six)1819223950
Denmark and Eire11233
Rest of World8180775847
05—Fruit and Vegetables
EEC (six)1919202022
Denmark and Eire22211
Rest of World8080787977
06—Sugar, Sugar Preparations and Honey
EEC (six)633618
Denmark and Eire11224
Rest of World9395959278
07—Coffee, Tea, Cocoa, Spices and Manufactures thereof
EEC (six)6671115
Denmark and Eire44656
Rest of World9090878479
08—Feeding Stuffs for Animals (excluding unmilled cereals)
EEC (six)912121216
Denmark and Eire1216201820
Rest of World7972687165
09—Miscellaneous Food Preparations
EEC (six)2732444850
Denmark and Eire89101012
Rest of World6659464138
Note: In some cases the figures do not add to 100 because they have been rounded to the nearest whole number.