HC Deb 11 December 1947 vol 445 cc1192-3
57. Mr. Blackburn

asked the Chancellor of the Exchequer what is the estimated present value of British overseas investments in hard and soft currency areas, respectively.

Mr. Glenvil Hall

No estimate of the present value of our overseas investments is available.

Mr. Blackburn

In view of my right hon. Friend's answer, may I ask him whether he will indicate that there is no present intention whatsoever of parting with our overseas investments?

Mr. Glenvil Hall

That is an entirely different question.

Mr. Stokes

May I ask why these figures are not available? It seems quite elementary that they should be available.

Mr. Glenvil Hall

All investments which are saleable, are I suppose, available, but that was not the Question put to me.

Mr. Eccles

Will the right hon. Gentleman make it clear that a large proportion of these investments are not readily saleable and if any of them are sold to pay for current imports, the result will be that our position will be weaker afterwards than it was before?

Mr. Glenvil Hall

Again, that was not part of the Question put to me by my hon. Friend, but that is in fact the case. All of these investments are not readily saleable abroad at the present time.

Mr. Blackburn

While I have no desire whatever to embarrass my right hon. Friend, may I ask whether he will give this undertaking, that no sale of our over- seas investments will take place without this House being first consulted?

Mr. Speaker

I do not see where sales come into the Question. The Question merely asks for the estimated present value; that is all.