§ 58. Mr. Liddall
asked the Chancellor of the Exchequer whether he is aware that we purchase more from Argentina than Argentina does from us; that an Anglo-Argentine exchange clearing house could correct the unsatisfactory position of British capital invested in Argentine public utility concerns by retaining out of the clearing balance due to Argentina 5 per cent. per annum on 250,000,000 of investments; and will he consider using this method pending expiry of the Argentine meat agreement?
§ Sir J. Simon
The answer to the first part of the question is in the affirmative. As regards the remainder of the question, I am not prepared to adopt the method suggested. I may remind my hon. Friend that the difficulties of British public utility companies operating in Argentina involve questions other than the remittance of profits to the United Kingdom, and, in the view of the Government, they are best dealt with by negotiations between the companies concerned and the Argentine Government, with such assistance as they may ask my right hon. Friend the Secretary of State for Foreign Affairs, and he may be able, to give.