§ 34. Colonel WEDGWOODasked the Chancellor of the Exchequer when he will be in a position to make a statement as to the questionnaire sent by the Treasury to London bankers, as to the advisability of removing the ban on foreign loans and foreign investments; and what conclusions the Treasury has come to on the matter?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)The right hon. and gallant Gentleman is mistaken in thinking that any such questionnaire has been issued. I consider, however, that the time has now come when it is safe to withdraw the Treasury Order under the Gold Standard (Amendment) Act restricting the purchase by British nationals of foreign exchange, and it will be withdrawn with effect from to-night. The question of foreign loans is a somewhat different matter. The authorities of the City must judge about the issue of new loans. At present I imagine they would not consider it wise for us to lend promiscuously overseas and in that opinion I should concur.
§ Colonel WEDGWOODIs the existing ban on foreign loans imposed by the City or by the Treasury, or is there no such ban at present?
§ Mr. CHAMBERLAINIf "ban" is the right word for such control as is exercised—not by the Treasury.
§ Colonel WEDGWOODHas it ever been exercised by the Treasury in the past?