HC Deb 28 July 1955 vol 544 cc1342-3
42 and 43. Mr. R. Edwards

asked the Chancellor of the Exchequer (1) if he will give an estimate of the amount of United States capital invested in industry in British Colonies, Protectorates and Mandated Territories; and if he will estimate, in particular, the capital invested in the chemical industry;

(2) if he will give an estimate of the amount of United States capital invested in industry in this country; and whether he will estimate, in particular, the capital invested in the chemical industry.

Sir E. Boyle

I regret that in neither case is this information available.

Mr. Edwards

Is not that a remarkable reply to a legitimate Question? Surely we are concerned about the silent dollar invasion through investment in overseas territories?

Sir E. Boyle

This is a very complicated question because the United States investment may be direct investment or portfolio investment. I would gladly write to the hon. Member to explain this matter further. American sources of information estimate that in 1953 the total value of United States direct investment in the United Kingdom was about £400 million.

An Hon. Member

Why did not the hon. Gentleman say that before?

Mr. Gower

Would my hon. Friend agree that it is really most desirable that trade and investment should move freely between the countries of the world?

Sir E. Boyle

I agree with my hon. Friend. The reason I did not give that answer at once was that the information which I have just given came from American sources. It was not information collected in Great Britain.

Mr. Edwards

Does the hon. Gentleman not agree that it is very deplorable that, because of large dollar investments here, economic decisions affecting the British economy should be made in America instead of in London?