HC Deb 06 July 1926 vol 197 cc1853-4
7. Mr. T. WILLIAMS (for Mr. TAYLOR)

asked the President of the Board of Trade whether his attention has been drawn to the recent formation in London of an Anglo-German Finance Company, with a capital of £1,000,000, to be used for the purpose of lending money to German industrial concerns; and whether he proposes to introduce legislation to prevent the use of British capital for the development of competitive foreign industries?


I am aware of the formation of a company such as that referred to, for the purpose of carrying on the business of an investment and trust company. The answer to the second part of the question is in the negative.


If British miners are asked to work eight hours a day to compete with foreign competition, is it fair that British capitalists should be allowed to make a profit out of foreign industry?


Is the right hon. Gentleman aware that this money financing German firms is to enable Germany to trade with Russia. Does he not think that same trade could very well be helping our own unemployed?


I am not aware where the trade is going to be done, but I quite agree that the Russian Government could place a great many more orders than they do and pay for them.