HC Deb 13 December 1937 vol 330 cc815-6
60. Sir Nicholas Grattan-Doyle

asked the Chancellor of the Exchequer whether he is aware that British savings lent to foreign public authorities have been lost although their defence has been left by His Majesty's Government to the Council of Foreign Bondholders; that this policy has resulted in official intervention coming too late; and whether he will, when British foreign investments are threatened, take the initiative in future by inviting information from the Council of Foreign Bondholders without waiting for their invitation to intervene after they have failed?

The Financial Secretary to the Treasury (Lieut.-Colonel Colville)

My right hon. Friend cannot accept the view that losses have been caused to British investors by delay on the part of the Council of Foreign Bondholders in invoking the assistance of His Majesty's Government. The Council are always in very close touch with the Treasury and the Foreign Office, and my right hon. Friend is satisfied that it would not be in the interests of those concerned to modify the existing procedure in the manner suggested in the question.