§ 58. Mr. Stokesasked the Chancellor of the Exchequer how the valuation of shares for the sale of the American Viscose Company to America was arrived at; and 821 what was the urgency for continuing the sale, in view of the lease of bases to the United States of America and the decision of the Canadian Government with regard to gold payments?
§ Sir K. WoodThese shares were sold to the public by an American banking syndicate at the best price at which it appeared that they could be successfully placed on the market. The object of the sale was to add to our exchange resources, and I would remind my hon. Friend that our need of foreign exchange remains great, despite the far-reaching assistance given to us as regards new supplies by the United States under the Lease-Lend Act and by the helpful attitude of the Canadian Government.
§ Mr. StokesIs the right hon. Gentleman aware that the "New York Times" described the sale as detrimental to Britain? Does he propose to continue this policy of forced sales?
§ Sir K. WoodI am not acquainted with what the "New York Times" said.
§ Mr. StokesWill the right hon. Gentleman look at what is said in other countries? It is commonly said that he is acting in the interests of Wall Street and no-one else.