HC Deb 11 July 1944 vol 401 cc1577-8
45. Sir Frank Sanderson

asked the Secretary of State for Foreign Affairs whether, in view of the importance in the national interests of conserving our remaining overseas investments, he will give the utmost support to the British directors of the Argentine railways, who propose shortly to make a further visit to the Argentine, with a view to securing agreement on a national plan of reorganisation and giving a reasonable return on the British capital invested.

Mr. George Hall

I would refer my hon. Friend to the replies returned by my right hon. Friend the Foreign Secretary on 21st June to a Question and supplementary question by the hon. Member for the Central Division of Bristol (Lady Apsley). I understand that the boards of the companies have not yet completed their examination of the visiting directors' conclusions and it would, therefore, still be premature for any comment to be made on them. My right hon. Friend is, however, well aware of the importance of the financial interests involved which can, in general, count on the fullest support from His Majesty's Government.

Sir F. Sanderson

Is my right hon. Friend aware that the prime causes of the financial difficulties are their depreciation of their currency in 1932, and the imposition of a surcharge on remittances to this country? Does he not consider that with good will on both sides a more equitable adjustment could be made, which would ultimately prove to the advantage of both countries?

Mr. Hall

A conference was held between representatives of the directors in this country and myself with the Foreign Office I think my hon. Friend will be well advised to leave the matter where it is, because they are well aware of the difficulties.

Mr. A. Bevan

Is my right hon. Friend aware that an organisation, speaking for these directors in this country, protested at the higher rates in the Argentine being used to give higher wages to the railway workers, and said that higher dividends ought to be paid?

Mr. Hall

I have no knowledge of that.

Mr. Stokes

Are not the Argentine Government merely following the very bad example set by His Majesty's Government in Italy?