HC Deb 22 November 1927 vol 210 cc1600-1
54. Mr. MAXTON

asked the Chancellor of the Exchequer if he proposes to introduce legislation to stop the raising in this country of loans for foreign countries and capital for foreign business enterprises?

Mr. CHURCHILL

No, Sir.

Mr. MAXTON

Does the right hon. Gentleman believe that a country can go on having its resources drained to develop the enterprises of its foreign competitors?

Mr. CHURCHILL

I have always been led to understand that these loans must leave this country in the form of British goods.

Mr. EVERARD

Does my right hon. Friend consider this applies to a loan to Russia?

Mr. MAXTON

I am quite aware that is what the right hon. Gentleman was taught to believe formerly, but does he still believe that now?

Mr. CHURCHILL

I believe in principle that is substantially correct. But with regard to the question asked on the subject of Russia, in all these questions of giving loans you must, not only think of the beneficial process which attends the departure of your goods from your country, but you must also think of that other process to which you are entitled to look forward when some repayment is made.