59. Mr. ROY WILSONasked the Secretary of State for the Colonies who was responsible for fixing the price of issue of the recent Gold Coast loan; and, in view of the damage done to the Colony by the failure of the public to subscribe more than 2½ per cent. of the issue by reason of its unattractive terms, what steps the Government propose to take to ensure that future Crown Colony loans are issued on terms which will prove reasonably attractive to investors?
§ Mr. AMERYThe price was fixed in accordance with the usual practice by the Crown Agents, after consultation with their City advisers and with my assent. It is not always possible to judge accurately beforehand what will attract the investing public, but naturally every effort will be made to ensure success in this respect.
Mr. WILSONIs it not a fact that the last West African loan that was issued met exactly the same fate as this, and will the right hon. Gentleman take steps to see that in future these West African loans are properly floated?
Sir F. HALLIf judicious inquiries had been made in the City, is not the right hon. Gentleman of opinion that it would have been known full well that a loan coming out at 94 on a 4½ per cent. basis must have been a non-success? No one, of course, could have contemplated such drastic results.
§ Colonel WEDGWOODAre the underwriters in any way compelled to take up these loans?
§ Sir F. WISEWho are the advisers on Crown loans?