HC Deb 20 January 1953 vol 510 cc10-1
10. Sir R. Acland

asked the Chancellor of the Exchequer whether he will give further particulars about the finance corporation to be established as announced in the communiqué issued at the end of the Commonwealth Economic Conference, showing in particular how it is to be financed; how it is to be controlled; and what principles it will apply in deciding whether to make loans in respect of different projects.

Mr. R. A. Butler

I am informed that while progress is being made by the organising group in the establishment of the proposed company, they are not yet in a position to make a further announcement.

Sir R. Acland

Despite that lack of precise information, could the Chancellor say whether it is wrong to assume that what is intended here is a privately-run corporation with very considerable powers of distributing capital resources in different parts of the Commonwealth and with no form of public control or Ministerial responsibility and with no power for Questions to be asked about that policy in the House?

Mr. Butler

I do not think the House has ever been able to ask Questions about private enterprise or how it operates, but there are, of course, contacts between this body and Government policy, and, in general, the hon. Gentleman may feel that they are not going to indulge in activities which are anti-social or undesirable.

Sir R. Acland

But are these contacts between the Government and the policy of this private body simply means by which Government policy is executed without there being any power for this House to ask any Questions about what the Government policy is or what has happened and why?

Mr. Butler

No, Sir. If the hon. Gentleman had studied the report of the Commonwealth Conference in its communiqué, he would have seen that this is only one of the methods of providing capital for overseas development, and he may be well satisfied that there are other methods which fall within the purview of the Government about which he can ask as many Questions as he likes?

Mr. Gaitskell

As the establishment of this body was mentioned in the communiqué. and as it is evidently intended to be part of the general policy to be pursued by the Commonwealth Governments, will not the right hon. Gentleman consider giving us a little information about it and, in particular, would he tell us on what scale it is intended that this institution should operate?

Mr. Butler

The reference in the official communiqué of the Commonwealth Governments referred to a communiqué issued by this body itself, and as this is a private body, I can only refer the right hon. Gentleman to the communiqué issued by that body.

Sir R. Acland

As the answer seems to be very unsatisfactory, I shall try to raise the matter on the Adjournment.