§ 48. Sir N. GRATTAN-DOYLE
asked the Chancellor of the Exchequer whether he will draw the attention of the Committee on Foreign Issues to the action of the authorities of Alberta and Vancouver in relation to their obligations towards United Kingdom investors in Alberta and Vancouver securities; and will he request the committee to consider the advisability of extending the scope of its operations so as to cover future issues of Canadian securities, if offered to United Kingdom investors without the guarantee of the Canadian Dominion Government?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)
My hon. Friend may feel assured that the matters to which he refers are within the knowledge of the Foreign Transactions 805 (Advisory) Committee. Issues on behalf of Canadian borrowers would come within the purview of the committee in so far as they involve an indirect remittance of funds outside the British Empire through the mechanism of the New York market. I must add, however, that the terms of reference and instructions to the committee expressly state that the soundness of an investment is left exclusively to the judgment of the market.