HC Deb 17 May 1934 vol 289 cc1926-7
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, 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?


No, I do not think it is necessary to have any other procedure in mind.