HC Deb 01 March 1932 vol 262 c946
46. Lord SCONE

asked the Chancellor of the Exchequer whether in view of the fact that the Mexican, Brazilian, and Chilean Governments have all defaulted upon their obligations in which more than £200,000,000 of British savings have been invested, and of the jeopardy in which British savings are placed by flotation in Britain of foreign loans to would-be borrowers with a record of default involving the injury of the invisible export total of this country, he will take steps to prohibit such flotations?

The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)

My view is that in the future, as in the past, matters of this kind must be left to the discretion of the market.


Does my right hon. Friend think it desirable that countries which have in the past had an unhappy record as regards the honouring of their obligations should be treated exactly the same as other countries with a higher standard of financial probity?


As investing abroad is now a national industry in helping our export trade, does not the right hon. Gentleman think that steps should be taken to prevent ill-treatment of our investments abroad?


Does not this point to the need of some control over investments?


Does not the House think that this is an opportunity for the Government taking the same action as they took with Russia, that is, to send home the representatives of Mexico, Brazil and Chile?