HC Deb 18 June 1953 vol 516 cc1168-9
23. Mr. Erroll

asked the Chancellor of the Exchequer the total of Canadian dollars made available by the Treasury to British firms for the purpose of capital development in Canada since the end of the war, and the total of Canadian dollars remitted to the Treasury as dividends for these investments in Canada.

Mr. Maudling

The figure asked for in the first part of the Question is being ascertained, and with permission I will circulate it in the OFFICIAL REPORT in due course. As regards the second part of the Question, no separate figures are available to show the dividends remitted on post-war investments in Canada.

Mr. Erroll

Could the Minister indicate, even if not precisely, whether we are getting a proper return on the dollars invested in Canada? Otherwise, a good deal of doubt is likely to arise over the advisability of continued investment in that country.

Mr. Maudling

I do not think there could be any doubt about the great importance of stimulating investment from this country in the productive industry of Canada at present, but I hope that my hon. Friend will find it possible to await the figures I have promised. It would not be possible to provide separate figures of the dividends we missed.

Mr. Erroll

There is no point in investing in a country if we do not know what we are to get out of the investments.

Mr. Maudling

That is a matter which might be left to the investors concerned.

Mr. Grimond

Is it not the case that many investments in Canada will only show a return in the long run and that the dividends at present remitted will not be a true indication of the eventual benefits to this country from such investments?

Mr. Maudling

It is quite possible that a lot of investment in Canada will show a return only in the long run, but I quite agree that that does not make it any less important in the long run.