§ 32. Captain ARCHIBALD RAMSAYasked the Chancellor of the Exchequer whether he will consider the possibility of relaxing the present restrictions on foreign lending?
Mr. CHAMBERLAINI am glad of the opportunity to make a short statement. In the first place, I should like to convey my thanks to the authorities concerned, more particularly those of the London Stock Exchange for the manner in which they have invariably striven to give effect to my wishes. I should like to point out also, if I may, that the actual amount or foreign lending at the present time would in no circumstances be great and that it is easy to form exaggerated views as to the effect of the embargo. As regards the future, I am satisfied that it would not be in the public interest that the existing restrictions should be removed at the present time. But under present conditions I should be ready to consider particular cases especially those falling under the following heads:
- (a) Sterling issues by a country within the sterling bloc where the loan is required to increase the sterling assets of that country and so to minimise fluctuations in the exchanges.
1261 - (b) Sterling issues on behalf of any borrower where the proceeds are calculated mainly to produce direct benefit to British industry.
§ Mr. THORNEWill the right hon. Gentleman consider the advisability of putting into his next Budget a rather heavy tax upon foreign loans.
| The following are particulars of (a) grants (including subsidies) for local and other services as shown in the Estimates presented to Parliament since October, 1931; (b) guarantees given or provided for under legislation passed since October, 1931; and (c) issues from the Consolidated Fund under legislation passed since October, 1931. | ||||
| (A) Grants (including subsidies) for local and other services Since October,1931. | ||||
| — | Supplementary votes, November, 1931, to March, 1932. | 1932–33. | 1933–34. | 1934–35 (Original estimates and supplementary estimates presented to date).* |
| £ | £ | £ | £ | |
| Exchequer Contributions to local revenues | — | 45,146 | 45,311 | 45,354 |
| Education (excluding teachers' pensions) | — | 49,110 | 47,788 | 49,319 |
| Education (including Land Settlement grants and loans, Development Fund, Beet Sugar Subsidy and Milk). | — | 49,110 | 47,788 | 49,319 |
| Fisheries | — | — | — | 54 |
| Health services | — | 162 | 149 | 152 |
| Housing | — | 15,263 | 15,691 | 16,016 |
| Rural water supplies | — | — | — | 210 |
| Police | — | 11,182 | 11,309 | 11,721 |
| Road Fund | — | 2,750 | — | — |
| Unemployment Grants and Loans (including Development Grants). | — | 4,150 | 5,400 | 5,150 |
| Empire Marketing Fund | — | 320 | 250 | — |
| Colonial Development Fund | — | 700 | 400 | 500 |
| Other Foreign and Imperial Grants | 35 | 1,176 | 3,206 | 2,955 |
| Grants for Scientific and Industrial Research. | — | 61 | 93 | 132 |
| Light Horse Breeding | — | 12 | — | 5 |
| Light Horse Breeding | — | 12 | — | 5 |
| Mechanical Transport | — | 8 | 3 | 1 |
| Civil Aviation | — | 385 | 402 | 432 |
| Miscellaneous | — | 545 | 560 | 682 |
| 35 | 135,167 | 135,697 | 139,882 | |
| * The sums shown for 1934–35 have not yet been voted in Committee of Supply. |