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Overseas Resources Development Bill

Part of the debate – in the House of Commons at 12:00 am on 6th November 1947.

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Photo of Lieut-Colonel David Rees-Williams Lieut-Colonel David Rees-Williams , Croydon South 12:00 am, 6th November 1947

No, Sir. I say that the type of people we appoint to these Boards will not do otherwise. With regard to finance, both corporations are financed by responsible Ministers with the consent of the Treasury, but they may obtain capital from other sources. For example, the Government of a Colony may contribute a loan if they think fit. I was asked, in regard to the Colonial Development Corporation, whether it is to pay its way. We say that it should break even over a period of years. We quite understand—and this is important from the point of view of the board—that in the first few years we shall be dealing with crops, and that very often there will be a loss. They need not take it to heart so long as they break even over a period of time. I must give a warning against expecting quick results from this scheme. We are up against the years which the locusts have eaten, and it is not our fault that much of this has not been done in the past.