§ 29. Captain FULLER
asked the Chancellor of the Exchequer, in view of the heavy commitments of the Dominions with us involving large adverse trade balances, a large proportion of which call for no corresponding export from this country, whether he will consult with the Dominions with a view to floating an Empire loan to convert these commitments at a lower interest and so make possible further Empire development and an approach to Empire Free Trade?
While I have every sympathy with the objects which my hon. and gallant Friend has in mind, 1927 I consider that the specific suggestion referred to in the question would not he either a practicable or a desirable method of attaining these objects. I am always ready to consider sympathetically any proposal by a Dominion Government for the conversion of a sterling loan, which it has an option to redeem, to a lower rate of interest, and I need not remind the House of the conspicuous and gratifying success which has already been achieved by the Commonwealth of Australia on these lines.
§ Captain FULLER
Has not my right hon. Friend any other suggestion in his mind which would bring about the desired object of the further settlement and development of the Empire?