§ 24. Mr. Grimondasked the Chancellor of the Exchequer what agreements were reached at the Conference of Commonwealth Prime Ministers for freeing trade and increasing investment within the Commonwealth.
§ Mr. MaudlingAs indicated in the communiqué, the Conference reaffirmed existing economic policies, including the need for increasing earnings, the promotion of sound Commonwealth development, and the progressive approach to freer trade and currencies.
§ Mr. GrimondCan the hon. Gentleman say whether there has been an increase in the rate of investment in the Commonwealth, and, if so, by roughly how much?
§ Mr. MaudlingI should not like to give an estimate, because much of the investment takes place in the sterling area and is not subject to exchange control, and therefore one does not have the statistics; but the average level of United Kingdom investment in the Commonwealth in the last few years has been most encouraging and has been growing, particularly in Canada, which I think is a most welcome development.