§ 47. Mr. W. J. BROWNasked the Chancellor of the Exchequer the amount of capital exported from this country to countries abroad last year; and what proportion of it went into enterprises in countries within the Empire and what proportion to countries outside the Empire?
§ The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)As the answer is rather long, I will with my hon. Friend's permission, circulate it in the OFFICIAL REPORT.
§ Following is the answer:
§ The net export of capital from this country in 1928 is estimated by the Board of Trade at £149,000,000. This figure must be regarded as a balance left after setting off against one another a far larger gross amount of capital operations, both long and short term, not only in new issues but in existing securities, which are merged in the dealings of the investment markets of the world as a whole. It is impossible to say in general whence imported capital comes or whither exported capital goes.
§ With regard to new capital issues on the London market which, so far as they are disposed of to British investors, only form one item in the gross export of capital, no official statistics are available. The following are from unofficial sources:
| New Capital Issues for Overseas, 1928. | ||
| — | Midland Bank's Figures. | Economist's Figures. |
| £ | £ | |
| To British Empire | 86,000,000 | 63,000,000 |
| To Foreign Countries | 57,000,000 | 42,000,000 |
| Total | 143,000,000 | 105,000,000 |