§ 35. Mr. Shinwellasked the Under-Secretary of State for Commonwealth Relations the total amount invested by the United Kingdom in Australia, New Zealand, and Canada, respectively, in the five years ended December, 1956.
§ Mr. AlportI regret that the information is not available from United Kingdom sources. Estimates published by the countries concerned, however, indicate that, during the most recent five years for which information is available, the United Kingdom invested about £120 million in Canada, £140 million in Australia, and £50 million in New Zealand. The figures are not directly comparable because of differences of definition: in particular, the Canadian figures, unlike those for the other two countries, do not include reinvestment of undistributed profits.
§ Mr. ShinwellIs the hon. Gentleman aware that, while the Commonwealth countries concerned welcome capital investment from any source, they prefer investments from the United Kingdom, and would the Government regard this matter with the urgency that the subject merits?
§ Mr. AlportThe right hon. Gentleman will be aware that, although United States investment in Canada is considerably greater than United Kingdom investment, the United Kingdom is by far the largest overseas investor in Australia and New Zealand.
§ Mr. ShinwellIs the hon. Gentleman aware that Australia and New Zealand are far from satisfied with the rate of investment and that there is a keen desire for further capital investment, and may I ask the Government to regard it with urgency?
§ Mr. AlportThe rate of investment depends on the rate of saving and the amount of capital available here; and that is a different matter.