HC Deb 10 April 1934 vol 288 cc152-3
29. Mr. LEWIS

asked the Chancellor of the Exchequer the principal reasons for the continuance of the existing embargo on foreign loans?

30. Mr. MABANE

asked the Chancellor of the Exchequer whether, in view of the benefit which has accrued to the productive industry of this country as a result of the policy of the Government with regard to foreign lending, he will resist pressure from the City of London to reverse the present policy?


This matter raises many controversial issues with which it would be difficult to deal satisfactorily within the limits of an answer to a Parliamentary question, but among the factors which have been taken into consideration in deciding policy are the need of capital for home development, the effect of foreign lending on our balance of payment, the position of the exchanges, and the relation between foreign lending and the encouragement of our export trade.


Is the Financial Secretary in a position to say whether the Chancellor of the Exchequer proposes to continue this embargo indefinitely?


I have given my hon. Friend the guiding lines of policy.


Would the hon. Gentleman consider, in addition to the other items he has enumerated, the general advantages of liberty over control?