§ 30. Mr. Stokesasked the Chancellor of the Exchequer whether he will give the Australian Government every possible facility for borrowing money in London, so as to assist the return to normal trade as soon as possible.
§ Mr. MaudlingNo such application has been made by the Commonwealth Government of Australia. While we always consider sympathetically any proposals or requests made to us by Commonwealth Governments, I regret that our economic situation severely limits the extent to which we can finance exports with loans from London.
§ Mr. StokesWhile it may very well be that no official application has been made, is the hon. Gentleman aware that private applications have been made and have been refused, and does he not think it very important that loans should be available to enable Australia to buy the equipment necessary to improve and increase her primary production?
§ Mr. MaudlingI entirely share the right hon. Gentleman's desire to expand trade between the United Kingdom and Australia, but the ability of a country to lend money overseas is entirely conditioned by its ability to send exports abroad without immediate payment.
§ Mr. StokesIs it not impossible for Australia to improve and increase her primary production unless, first of all, she is given the tools with which to do that? How can she achieve that except by borrowing money?
§ Mr. MaudlingThere are possibilities and impossibilities on both sides. We do all we can.