HC Deb 16 February 1933 vol 274 c1176
71. Captain WATERHOUSE

asked the Chancellor of the Exchequer when he proposes to raise the embargo on private financial transactions?

Mr. CHAMBERLAIN

There is no general embargo on private financial transactions. The restrictions on issues of capital in certain cases are constantly under review but I am not in a position to make any statement at present.

Captain WATERHOUSE

Is it not a fact that, since the right hon. Gentleman refused permission to the purchase of some £5,000,000 worth of Boots' Drug Store shares in America, he has allowed the Bank of England to buy £10,000,000 worth of gold, and does he think that is the best way of enhancing commodity prices?

Mr. CHAMBERLAIN

The alternative to buying gold would have been to allow the exchange to go up, and I do not think that would have been very satisfactory.

Captain WATERHOUSE

Is it not a fact that, if the Bank of England can afford to buy £10,000,000 worth of gold, credits are available to allow a party of business men to buy £5,000,000 worth of shares?

Mr. CHAMBERLAIN

I do not really think it is possible to argue the matter by question and answer.