HC Deb 01 June 1954 vol 528 cc1080-1
53. Mr. Osborne

asked the Chancellor of the Exchequer the total amounts of public and private investments, respectively, from the United Kingdom in the self-governing States of the Commonwealth and in the Colonial Dependencies for each year from 1946 to 1953.

Mr. Maudling

I regret that I have little to add to the replies which I gave to my hon. Friend the Member for Barry (Mr. Gower) on 1st April and to the hon. Member for Gravesend (Sir R. Acland) on 8th February. But, with permission, I will circulate in the OFFICIAL REPORT figures of the loans raised on the London market by Governments of the self-governing States of the Commonwealth and the Colonial Dependencies. These figures are included in item 31 of Cmd. 9119.

Mr. Osborne

Without seeing the figures, may I ask my hon. Friend whether he and the Treasury are satisfied that there is no obstacle to money being sent out there, as it was before?

Mr. Maudling

I think there has been a very great expansion in the outflow of capital from the United Kingdom to the Commonwealth for investment, and we are very anxious to encourage it. I certainly would not think that there was any limit to it.

Following are the figures:

The following is a list of U.K. subscriptions to Commonwealth and Colonial Government new issues on the London market in each year since 1946:

£ million
— Independent Commonwealth Governments Colonial Governments
1946 — —
1947 8.9 —
1948 5.0 3.2
1949 9.9 11.3*
1950 10.9 17.3
1951 5.0 22.7†
1952 7.4 25.7
1953 19.8 11.0

* Including local authorities' issues £1.0 million.

† Including local authorities' issues £1.2 million.