§ 43. Mr. Fenner Brockway
asked the Secretary of State for Foreign Affairs on what ground the British delegates at the United Nations General Assembly voted on 21st December with the delegations of the United States of America, New Zealand and South Africa against the 1470 delegations of 36 Governments on a resolution affirming the right of Governmental exploitation of natural resources, providing that the flow of capital to underdeveloped countries should continue in conditions of security.
§ Mr. Selwyn Lloyd
The United Kingdom delegation voted against this resolution because it was calculated to deter the investment of foreign capital in underdeveloped countries, and to hinder rather than help their economic development.
§ Mr. Brockway
Is not this a repudiation of policies which have been followed by Governments representing both sides of the House, as illustrated, for example, in the Gezira Scheme in the Sudan and in all of the activities of the Colonial Development Corporation?
§ Mr. Lloyd
No, Sir. If the hon. Gentleman would read the speeches which were made on behalf of the United Kingdom Delegation when the vote was explained he will see that this decision did not affect the policy with which we are in agreement. The point about this resolution was that it was a thoroughly unsatisfactory resolution because it referred only to the rights of the countries which received the investment and said nothing at all about there being any rights on the part of the countries which contributed the investment, and that, in our view, was an invitation to the kind of action which has been taking place in certain countries. That is why we did not vote for the resolution.
§ Mr. Brockway
Is it not the case that the resolution included a provision that the flow of capital to under-developed countries should continue in conditions of security, and did not that cover investment?