§ 45. Mr. CRAVEN-ELLISasked the Prime Minister if he will give consideration to the appointment of a suitably constituted trade development advisory 736 council to investigate and recommend what industrial development and reconstruction can be immediately undertaken within the British Empire with the object of effectively putting the idle funds to work which are now lying in the banks and thereby increasing purchasing power and the price level?
§ The PRIME MINISTER (Mr. Ramsay MacDonald)There is no obstacle to new capital issues for expenditure within the Empire, whether these issues are made on behalf of borrowers in the United Kingdom or borrowers in any part of the Empire. As my hon. Friend is aware, statutory provision already exists for encouraging development within the Colonial Empire in particular, through the Colonial Development Fund, subject to the recommendations of the Colonial Development Advisory Committee. In these circumstances His Majesty's Government do not think that any useful purpose would be served by the establishment of an additional advisory body.