Mr Herbert Williams: While congratulating everybody, may I ask when we are going to have a proper debate on this subject?
Mr Herbert Williams: Would my hon. Friend consider having a "committee" instead of a "working party," as there are fewer words involved?
Mr Herbert Williams: asked the Chancellor of the Exchequer whether, in future numbers of the Economic Survey, he will relate more clearly the effect on production of new capital investment.
Mr Herbert Williams: Is my hon. Friend aware that on one page are given statistics of new investment and, two pages further on, the increase in production, yet adverse comments on private enterprise were made in the debate although it increased its output far more than the nationalised industries?
Mr Herbert Williams: asked the Chancellor of the Exchequer if he will furnish an estimate of the degree of accuracy, plus or minus, of the estimated statistics in the Economic Survey.
Mr Herbert Williams: As many of these statistics are only reasoned guesses, might they not be produced on the usual scientific basis, giving some indication of the possible degree of error, because they are treated by ordinary people as representative of the precise truth?
Mr Herbert Williams: asked the Chancellor of the Exchequer what new assets we have secured as a result of an increase in the National Debt of £531,000,000 during the year ended 31st March, 1954.
Mr Herbert Williams: Will the right hon. Gentleman ask his right hon. Friend to represent to the Croydon Borough Council that they should not deny to an ex-Service man residential qualification because he happens to work in London? Sometimes it is a good idea to come down on one's own local authority.
Mr Herbert Williams: Can my right hon. Friend say why it is that the increased investments in the coal mines resulted in no material increase in output last year?
Mr Herbert Williams: asked the Prime Minister to what Departments it is intended to allot the remaining functions of the Ministry of Food after the forthcoming abolition of rationing.
Mr Herbert Williams: Will the hon. Gentleman tell us what people do with their reserves?
Mr Herbert Williams: I have never before listened to such concentrated nonsense in a speech as that which was contained in the speech of the hon. Member for Rossendale (Mr. Anthony Greenwood). The hon. Gentleman made the allegation that industry has failed to re-equip itself. He says it has placed money to reserve. I wonder whether he has ever looked at the profit and loss account of a balance sheet. Reserves do...
Mr Herbert Williams: I think I know as much about the inside of a factory as do both the Chancellor of the Exchequer and the hon. Member—indeed, far more than the hon. Member knows. The engineering businesses with which I am associated are all the time fighting to get the wherewithal with which to pay for new equipment. The hon. Member should look at the published accounts of the company of which I happen to be...
Mr Herbert Williams: I do not care what the Chancellor said. Once upon a time I was interested in the machine tool industry, and that industry provides a very large part of the equipment of other engineering works. The machine tool industry has been working all out ever since the war. Indeed, it was working all out during the war, of necessity. If hon. Members tried to buy large items of equipment from the...
Mr Herbert Williams: It is spending £25,000 for one machine and it will take over two years to get it because the machine producing industry is so far behind with orders. To suggest that industry is not spending money on re-equipment is grossly unfair to those engaged in industry. We are doing our very best to finance re-equipment. I happen to be mixed up with two engineering companies.
Mr Herbert Williams: What is wrong with that? They are two engineering companies—one in Middlesex and one in Lancashire.
Mr Herbert Williams: There is no one more willing than myself to give way, but I think I might be allowed to make my speech. On Friday, I am taking a day off and going to Lancashire. I am the only non full-time director of the company, and I always ask my colleagues, "What about the progress of new equipment?" I am always asking them about re-equipment. I am always asking, "What do you need?" It is vital that we...
Mr Herbert Williams: As far as I am concerned it will work all day and, when necessary, all night. That is the only proper and efficient method. If one has a valuable machine, if one cares to put a night shift on, one does. But one cannot always get men for the night shift, particularly in a district where the demand for engineering labour is high. I do not see that that point is relevant.
Mr Herbert Williams: We have had comment, too, about extravagant businesses. But what is the ratio of wages and salaries to dividends, tax free, in the case of a large number of companies? Wages and salaries are about 17 times as much as dividends. The hon. Member for Rossendale wants us to make lower profits and, at the same time, wants us to buy a lot of new plant, and then he accuses us of being incompetent...
Mr Herbert Williams: I do not know where the back room boys of the central statistical office get their information. When they used to produce their original Economic Survey, I used to describe it as "Old Moore's Almanac," because their forecasts were invariably wrong. Now, it merely attempts to be a survey of what has happened As anybody with any experience of statistics will find out, if they get one...
