§ 43. Mr. Awberyasked the President of the Board of Trade, in view of the unfair competition from Hong Kong, how much British capital is invested in the textile mills of that Colony; and what steps he has taken to approach the owners of this capital with a view to 196 arriving at a voluntary agreement to limit the inrush of Asiatic competition.
§ Mr. J. K. Vaughan-MorganI would refer the hon. Member to the Answer given to the hon. Member for Accrington (Mr. H. Hynd) on 26th June.
No figures are available as to the amount of British capital invested in the Hong Kong textile industry, but I am sure that British investors will do all they can to facilitate a settlement of this problem which is satisfactory to all parties.
§ Mr. AwberyI am not aware of the Answer which was given to my hon. Friend. Are we to understand that Asiatic competition coming from Hong Kong arises through British capital invested in Hong Kong, as against the same capital being invested in Lancashire?
§ Mr. Vaughan-MorganIt is not quite clear what the hon. Gentleman means by "British capital". Does he mean capital invested by British nationals, that is to say, British subjects probably resident in Hong Kong, or capital brought from the United Kingdom for local investment? I understand that it is impossible to obtain any figures.