§ 27. Sir P. Agnew
asked the Secretary of State for Commonwealth Relations and for the Colonies, in considering the operation of loans granted under the Colonial Development and Welfare Acts to Bailey, Malta, Ltd., what information he has, for the year ended 31st March, 1964, regarding the amount of the company's net profit or loss, as the case may be, after provision has been made for the payment of £150,000 as managing agents' fee, £200,000 to the Leased Assets Reserve, £200,000 for depreciation, and £30,000 as rent to the Admiralty under the terms of the lease.
§ Mr. Sandys
The accounts for the year ending 31st March, 1964, are not yet ready. The company cannot complete its accounts for the year ending 31st March 1963, until C. H. Bailey Ltd. provide certain information which the company has sought from them. The issue of loans within the approved total for the development of the dockyard does not depend on the profit or loss at a given time.