§ 42. Mr. H. WILLIAMSasked the Chancellor of the Exchequer whether he 230 has received any application from any Empire country for an Imperial contribution to facilitate the undertaking of public utility works, as recommended by the Imperial Economic Conference of 1923?
§ The CHANCELLOR of the EXCHEQUER (Mr. Churchill)Effect was given to the recommendations under this head of the Imperial Economic Conference of 1923 by Section 2 of the Trade Facilities Act, 1924. A number of applications have been received from Empire countries under this Section and a statement of amounts payable under the undertakings given during the year ended 31st March, 1926, was included in a statement (House of Commons Paper 61) presented to Parliament on the 15th April, 1826, of which I am sending the hon. Member a copy.
§ Mr. TAYLORCan the right hon. Gentleman say whether the Government are taking any steps to encourage applications of this kind from the Colonies?
§ Mr. CHURCHILLWe are certainly not in a position to encourage, except within very narrow limits, demands upon the necessarily limited fund of British credit, which has to be particularly safeguarded in view of the general condition of the maturities.
§ Mr. TAYLORDoes the right hon. Gentleman not think it would be more economical to consider sympathetically schemes with a view to relieving unemployment, rather than to have men on the Employment Exchanges?
§ Mr. CHURCHILLThat question would lead me into a discussion of other topics. As advised, I am of opinion that, for the time being, the careful conservation of British credit is a very important factor.