Clause 33. — (Increase of Investmeni Allowances.)

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 21st May 1963.

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Photo of Mr Cyril Bence Mr Cyril Bence , Dunbartonshire East 12:00 am, 21st May 1963

I take it that the institution to which I referred will get an investment allowance. Of the whisky, 90 per cent. will be exported and we shall be paid for that in dollars. With those dollars we may buy Spanish oranges and I love them. It is very difficult to decide what is a frill and what is not a frill in a multilateral system of trading. If the goods are going to export, the product might be desirable and good for the British economy although superficially it seems a waste of resources. I think that the distilling and consumption of whisky is a waste, but that is a matter of opinion and has nothing to do with the Finance Bill, except in so far as we discuss Customs and Excise duties.

I welcome the Clause because it will enable us to keep these matters under review and keep in touch with the Monopolies Commission to see that the tremendous advantage given to the tube drawers, copper wire drawers and manufacturers of steel drawn tubes will pass on these benefits and not merely keep the benefit they get from basic manufacture.