HC Deb 25 February 1932 vol 262 cc553-4
57. Colonel WEDGWOOD

asked the Chancellor of the Exchequer whether he can give any indication as to when the restrictions on the export of capital will be withdrawn, in view of the effect of these restrictions on the recovery of our export trade?

Mr. CHAMBERLAIN

There is no evidence that the existing restrictions hamper export trade; but the position will be watched and the restrictions withdrawn as soon as it is considered that this step can be taken without detriment to the national interests.

Colonel WEDGWOOD

Am I to understand from that answer that the right hon. Gentleman believes that the export of capital takes place in gold How can we export capital except by the export of goods?

Mr. CHAMBERLAIN

That appears to be the question which the right hon. and gallant Gentleman was putting.

Colonel WEDGWOOD

The question on the Paper is whether the restriction on the export of British capital will be removed, and I want to know whether the right hon. Gentleman realises the injury that it is doing to the export trade?

Mr. CHAMBERLAIN

My answer is that there is no evidence of injury to the export trade.

Mr. LAMBERT

Who judges in this matter, the Chancellor of the Exchequer or the Governor of the Bank of England?

Colonel WEDGWOOD

I will bring this question up at the earliest possible opportunity.