§ 17. Mr. BURNETT
asked the Secretary to the Overseas Trade Department if he is aware that a British firm has secured a contract for electrification of the Central Brazil Railway; and if he has been notified as to whether any of the capital required will be raised for the Brazilian authorities by the public flotation of a loan in Great Britain?
§ Lieut.-Colonel COLVILLE
I am informed that the tender of a British firm for this work has been accepted by the Brazilian authorities, though I understand from the firm concerned that the contract has not yet been signed. I am unable to say at present what arrangements will be made for financing the contract when it is ultimately signed.
§ Mr. BURNETT
In view of previous defaults by foreign Governments, will the Minister take steps to warn British subjects of the risk of being left with defaulted papers?
§ Sir ARTHUR MICHAEL SAMUEL
Will the Minister urge the Treasury to carry out a proposal to submit all future foreign loans, prior to public flotation here, to an examining committee, in order to prevent further losses to the British investing public through default of foreign borrowers?