New and improved grant terms for the five years beginning 1st April, 1963, have been offered. Provided industry raises a minimum grant-earning income of £600,000 a year, the new terms provide grant aid of 50 per cent. of industrial income up to £1,000,000; that is, a maximum of £500,000 a year. In addition, there will be a grant of £1 for every £1 contributed by the shipowners and ship managers, subject to a maximum of £200,000 a year.