§ 76. Mr. CRAVEN-ELLISasked the Chancellor of the Exchequer whether he can estimate, in consequence of the depreciation of the pound to 14s., in terms of gold, what losses are being suffered by Great Britain on her foreign investments and income therefrom that were formerly received in terms of gold?
§ Major ELLIOTOwing to the difficult and changing conditions in many foreign countries, it is not possible to frame any reliable estimate of the loss of income on our foreign investments which results from the depreciation of sterling. I may, however, remind my hon. Friend that the greater part of our investments abroad are in sterling and the income measured in sterling is not affected.
§ Mr. CRAVEN-ELLISAm I to understand that there will be a loss, and that the hon. and gallant Gentleman is not able to ascertain it?
§ Major ELLIOTObviously.