§ 11. Mr. Croninasked the Chancellor of the Exchequer if he will give an approximate estimate as to what proportion of the £150 million outflow of net private long-term investment in the balance of payments in the first six months of 1957 was due to private purchases of non-sterling area securities.
§ Mr. P. ThorneycroftAbout half.
§ Mr. CroninDoes not this indicate that the recent balance of payments crisis was due largely to the flight of private capital into non-sterling areas, and that the real spanner in the machinery is not wage increases but the notion of Conservative freedom applied to exchange control?
§ Mr. ThorneycroftNo, Sir.