§ 53. Mr. HANNONasked the Chancellor of the Exchequer whether, in view of the amounts which leave this country from year to year in the form of loans and for investment abroad, the greater proportion of which brings no direct advantage to British productive enterprise, he will consider the desirability of introducing legislation for the purpose of attaching conditions to certain loans and investments, so that reasonable opportunities may be given to British manufacturers to participate in contracts for the execution of which they shall have been made?
§ Mr. P. SNOWDENI do not think that legislation could be devised which would effect this object. For the manner in which the interests of British manufacturers are protected in cases where Government grants or guarantees are given under the unemployment relief schemes I would refer the hon. Member to the White Paper (Command Paper 3449).
§ Mr. HANNONThe right hon. Gentleman has not answered my question at all. I want to know whether the right hon. Gentleman thinks that it is a desirable state of affairs in this country that loans should be made to foreign countries for productive enterprises in those countries to compete against manufacturers in this country?
§ Mr. SNOWDENThe fallacy of the hon. Member's view is that no effective steps or precautions could be taken with the object which he wants to achieve in accordance with international law and practice.
Mr. BOOTH BYIs the Chancellor of the Exchequer not aware that one of the most distinguished members of his new Economic Council has for the last four or five years consistently advocated the control of foreign investments?
§ Mr. SNOWDENI am certainly not aware of all the views on economic questions 1154 professed by the members of the new Economic Council.
§ Mr. HANNONThis is a very serious matter.