§ 69. Mr. Craven-Ellis
asked the Chancellor of the Exchequer whether the advisory committee appointed in April, 1936, has been called upon to advise him upon any particular application of foreign issues; what is the total sum and rates of interest involved in their recommendations; to what countries have loans been made and for what purpose; and will he say if there are any radical alterations of the restrictions on foreign issues contemplated?
§ Lieut.-Colonel Colville
In reply to the first and second parts of the question, the total of the sums in respect of which applications have been before the Foreign Transactions Advisory Committee since April, 1936, can only be stated very approximately. The total amount of issues passed is about £37,000,000, of which about £10,000,000 is proposed to be remitted abroad. The total of issues refused amounts to about £31,000,000, of which about £29,500,000 would have gone abroad. The rates of interest varied according to the purpose of the issues. In reply to the third part, the cases have fallen mainly under the heading of offers of share or loan capital to the public involving the remittance of funds abroad rather than under the heading of financing directly on behalf of foreign Governments or other public authorities. In reply to the last part of the question, I would refer my hon. Friend to the answer given by my right hon. Friend the Prime Minister to my hon. Friend the Member for Gravesend (Sir I. Albery) on 25th February, 1937.