§ 48. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer in view of the importance of invisible exports in balancing the overall deficit on visible trade, what action has been taken by His Majesty's Government to ensure that the proceeds of invisible exports are not frozen in the country receiving them.
§ Mr. JayIt is the constant objective of His Majesty's Government in negotiations with other countries to secure the maximum freedom of remittances to this country.
§ Colonel Crosthwaite-EyreIn view of the importance of these invisible exports, can the Economic Secretary say what actual steps are being taken in the many treaties to see that things like royalties are, in fact, payable in currency which is convertible and returnable to this country?
§ Mr. JayWe raise this matter in the course of negotiations with all countries concerned and attach a lot of importance to it.
§ Colonel Crosthwaite-EyreWould the Economic Secretary say what action is taken to see that in fact, it happens. It is all very well raising it; will he say in how many cases he has achieved it?
§ Viscount HinchingbrookeIs the hon. Gentleman aware of the widespread disquiet in the City of London at the loss to the British economy of these very important invisible exports by reason of the growth of unofficial markets in shares, in commodities and in money all over the world, due to the restrictions of His Majesty's Government?
§ Mr. JayWe recognise the importance of these invisible exports. It is not restriction by His Majesty's Government which is holding them back. I can assure the hon. Member that in a number of trade 981 negotiations we have successfully insisted on this point. If he want particulars, I can let him have them.