Yes, Sir. The present position is as follows. On 28th May, 1952, my right hon. Friend the Chancellor of the Exchequer announced his intention to issue a general consent under Section 468 of the United Kingdom Tax Act, 1952, in the case of United Kingdom companies desiring to set up locally controlled subsidiaries for the purpose of starting new industries in the Commonwealth. I should make it clear that the general consent will be limited to new industries, and that in other cases applications under the Section will still be required. My right hon. Friend said, however, that in considering such applications full weight would be given to the great importance of development in the Colonial territories.
As I understand it, this will only apply to new industries. Can the right hon. Gentleman give us some more definite idea about how the old industries will be affected? He said their applications will be favourably received, but can he give us any further information on the position?