HC Deb 14 March 1929 vol 226 cc1269-70
57. Colonel WEDGWOOD

asked the President of the Board of Trade whether any countries, and, if so, which, place any obstacles in the way of the investment of British capital in public companies registered in that country?

The PRESIDENT of the BOARD of TRADE (Sir Philip Cunliffe-Lister)

Official regulations governing the investment of capital by foreigners in corporate undertakings cither generally or for particular classes of industry or property are in force in various countries, but a complete list could not be given without considerable inquiry which would take some time.

Colonel WEDGWOOD

Will the right hon. Gentleman take steps to prevent the discrimination here, as in America, which is injurious to this country's reputation in the capital markets of the world and liable to produce bad feeling between us and America, such as has recently been perpetrated in this country by a super-patriot of German origin?

Sir P. CUNLIFFE-LISTER

I think that matters of this kind are most unsuitable for legislation, and that any attempts at restriction, one way or the other, on the export or import of capital have as a rule been found quite impracticable.

Colonel WEDGWOOD

Is the right hon. Gentleman not anxious to open up this country to the investment of foreign capital? Does he approve of what has taken place, and, if he does not approve, will he take steps to prevent it?

Sir P. CUNLIFFE-LISTER

I think it is very desirable that as much capital as possible should come into this country from all sources. It is one of the results of Safeguarding. To say that is very different from saying that legislation is desirable.

Colonel WEDGWOOD

Will the right hon. Gentleman answer my question? Does he approve, in the interests of International amity, of what took place yesterday at the General Electric Company meeting?

Mr. GEOFFREY PETO

Does my right hon. Friend agree with the Socialists that capitalists and capital ought to be abolished altogether?