§ 44. Sir C. KINLOCH-COOKE
asked the Chancellor of the Exchequer whether his attention has been drawn to Treasury Circular No. 8743, in which British subjects and firms are urged to see that no remittance is made from this country for investment abroad in any form whatever; will he say whether this intimation is intended to apply to the British Dominions or only to foreign countries; and, if to British Dominions, has he considered the disappointment that such a decision must necessarily give in quarters where every assistance has been rendered both in men and money to meet the national requirements arising out of the War?
§ Mr. McKENNA
I would refer the hon. Member to the answer which I gave to a question on the 23rd March by my right hon. Friend the Member for the Spen Valley Division. The word "abroad" is intended to mean "outside the British Isles." In reply to the last part of the question, if the hon. Member will study the circular he will see that it relates to the remittance of money abroad for investment in securities abroad. The policy of restricting such investment is, I think, well understood in the Dominions. It has been in force ever since the reopening of the Stock Exchange in January, 1915, and is obviously necessary if this country is to meet successfully the demands of war I finance, including the provision of substantial advances to the Dominions and to our Allies.
§ Sir C. KINLOCH-COOKE
Is the right hon. Gentleman aware, in the first place, that this Treasury circular introduces an entirely new principle, and does he mean the House to understand that if an association or firm has business connections in this country with Australia and Canada money cannot be sent to or from Canada or Australia for investment?
§ Mr. McKENNA
I have given the hon. and gallant Gentleman an extremely full answer to his question, and every point is sufficiently dealt with.