§ 41. The following Question stood upon the Order Paper in the name of Colonel WEDGWOOD: To ask the Chancellor of the Exchequer whether he is aware of the injury to our export trade of the fall in the dollar; and whether he will free the £ sterling from franc parity at least so far as to allow the issue of foreign loans here which would leave this country to British-made goods, so giving some equivalent advantage to the suffering export trades?
§ Colonel WEDGWOODIn the fourth line of the question the words should read: "which would leave this country as British-made goods."
§ Mr. HORE-BELISHAI am afraid that does not make it any clearer. I have no information which would lead me to suppose that the fall in the exchange value of the dollar has seriously affected our export trade up to the present. I am not sure that I apprehend the meaning of the last part of the question, but I can assure the right hon. Gentleman that His Majesty's Government have constantly in mind the position of the export trade.
§ Colonel WEDGWOODIs my hon. Friend not aware of the fact that loans made abroad of British capital from England must leave this country as goods and therefore help the export trade? May I ask why the Treasury is still prohibiting the making of loans in this country to foreign countries, thus keeping up the value of the £ and hitting our export trade?
§ Mr. HORE-BELISHAI do not think that the assumption in the question of my right hon. Friend can be universally sustained.
§ Colonel WEDGWOODHow can capital leave this country except as goods?