§ 42. Lieut.-Commander KENWORTHYasked the Chancellor of the Exchequer what is the total amount of the overseas loans raised on the London money market during the present calendar year; and whether the Treasury was consulted with regard to these loans?
§ Mr. P. SNOWDENThere are no official returns of capital issues. Those compiled by the Midland Bank show for the period January to August, 1931, a total of £36,721,000 in respect of overseas issues for British possessions and £9,236,000 for foreign countries. There is no obligation to consult the Treasury with regard to such issues.
§ Lieut. - Commander KENWORTHYWill the right hon. Gentleman be good enough to answer the latter part of my question, as to whether the Treasury was consulted?
§ Mr. SNOWDENI have done.
§ Lieut. - Commander KENWORTHYThen, in view of his speeches as long ago as February, warning us of the difficulties ahead of us, did he not take any steps to check this export of capital?
§ Mr. SNOWDENMost of this, by far the greater part, has gone to the Governments of the British Dominions.
§ Lieut. - Commander KENWORTHYWill the right hon. Gentleman do anything in the matter?
§ Mr. SNOWDENI have given the answer already, and that is that the Treasury have no authority to interfere.
§ Colonel WEDGWOODrose—
§ Mr. SPEAKERWe seem to be having Debates on every question.
§ Colonel WEDGWOODBut I wish to know—
§ Mr. SPEAKERWe shall never get through half the questions if we go on at this rate.