§ 56. Mr. Errollasked the Secretary of State for Foreign Affairs whether he intends to accede to the request of the Prime Minister of Burma for a British Government loan to enable the Burma Government to buy a share in the Burmah Oil Company.
§ The Minister of State (Mr. Younger)I understand that the Burmese Prime Minister has informed the Burma Parliament of his desire to borrow £5 million from His Majesty's Government, with a view to participation in the oil industry in Burma jointly with the Burmah Oil Company. We have not so far received any formal request from the Burma Government for a loan for this purpose, however, and we clearly cannot reach any decision until we have received details of the Burma Government's proposals.
§ Mr. ErrollDoes the Minister realise that this is just an attempt to get the British Government to pay for Burmese nationalisation? Will he resist it?
§ Mr. YoungerI would rather not draw any inferences until I have seen the Burmese proposal.
§ Mr. WyattWill my hon. Friend bear in mind that the original project for nationalisation, over a very long period, of the Burmah Oil Company, was a model scheme of its kind, and that if this scheme could be operated it would form a very useful model for other parts of the world where difficulties are turning up? It was not a scheme for expropriation without compensation, but a very long-term scheme indeed.
§ Mr. YoungerI will keep my hon. Friend's comments in mind.