§ 69. Sir Joseph Leechasked the Chancellor of the Exchequer whether, notwithstanding the temporary loss to all concerned, he will impose prohibitive duties on importations of Brazilian products into this country pending cessation of the Brazilian default, which has extinguished £80,000,000 of British savings, in view of the fact that, unless His Majesty's Government makes it clear to foreign borrowers that ill-treatment of British capital will be met by tariff reprisals, as protests are disregarded, no British sub-jest will invest in foreign countries, international trade will contract, and unemployment increase?
§ Sir J. SimonAs my hon. Friend is aware, His Majesty's Government attach the greatest importance to the resumption of payments on the Brazilian external debt, and are in close consultation with the Council of Foreign Bondholders. I have considered my hon. Friend's suggestion, but do not consider that it would achieve the object which he has in mind.