HC Deb 17 September 1931 vol 256 cc1009-10
42. Lieut.-Commander KENWORTHY

asked the Chancellor of the Exchequer what is the total amount of the overseas loans raised on the London money market during the present calendar year; and whether the Treasury was consulted with regard to these loans?

Mr. P. SNOWDEN

There are no official returns of capital issues. Those compiled by the Midland Bank show for the period January to August, 1931, a total of £36,721,000 in respect of overseas issues for British possessions and £9,236,000 for foreign countries. There is no obligation to consult the Treasury with regard to such issues.

Lieut. - Commander KENWORTHY

Will the right hon. Gentleman be good enough to answer the latter part of my question, as to whether the Treasury was consulted?

Mr. SNOWDEN

I have done.

Lieut. - Commander KENWORTHY

Then, in view of his speeches as long ago as February, warning us of the difficulties ahead of us, did he not take any steps to check this export of capital?

Mr. SNOWDEN

Most of this, by far the greater part, has gone to the Governments of the British Dominions.

Lieut. - Commander KENWORTHY

Will the right hon. Gentleman do anything in the matter?

Mr. SNOWDEN

I have given the answer already, and that is that the Treasury have no authority to interfere.

Colonel WEDGWOOD

rose

Mr. SPEAKER

We seem to be having Debates on every question.

Colonel WEDGWOOD

But I wish to know—

Mr. SPEAKER

We shall never get through half the questions if we go on at this rate.