HC Deb 16 May 1939 vol 347 cc1188-9
50. Mr. Stokes

asked the Chancellor of the Exchequer whether he is aware that a certain insurance company is circulating people in the City of London urging them to transfer funds to America in view of the unsettled state of things in Europe; and what action he proposes to take to stop this undesirable practice?

Sir J. Simon

I can only assume that the circular to which the hon. Member refers was issued in error, having regard to my previous requests on the subject of foreign lending. The company has been communicated with, and I have every reason to believe that the document in question will not be further circulated.

Mr. Stokes

Whether the circular was put around in error or not, will the Chancellor assure the House that he will take more definite steps to prevent this practice being pursued in the City?

Sir J. Simon

I have taken quite definite steps to deal with it.

Mr. Garro Jones

Has the right hon. Gentleman seen the views of the City Correspondent of the "Times," who says that the City interprets the request as applying only to the owners of transferred capital, and not to those who, as the agents, operate the machinery of transfer, and who recognise no obligation to comply with the request of the Minister?

Sir J. Simon

No, I have not seen it.