INVESTMENT IN SHIPPING

That this House notes the statement by the Right honourable Member for Enfield, Southgate, the Chief Secretary to the Treasury, that the pharmaceutical industry has increased its exports by 16 per cent. in the past year, Official Report, column 462, 4th February; notes that one important contributory factor to its success is the 100 per cent. initial allowance for scientific research and development; welcomes the Chief Secretary's statement on the same day, Official Report, column 461, 4th February, that the British shipping industry is extremely important; further notes that this industry makes a contribution of ú2. 6 billion to the balance of payments; believes that if Her Majesty's Government followed the precedent it has established in the pharmaceutical sector by introducing a 100 per cent. capital allowance for investment in ships, the British shipping industry could make a still greater contribution to the balance of payments; and calls for such a measure to be introduced in the forthcoming budget.