§ 34. Mr. Warbeyasked the Chancellor of the Exchequer what proportion of the private investment from the United Kingdom in the less-developed areas of the world during the past seven years has been invested in oil, mining and other extractive industries.
Mr. AmoryI regret that exact information on this subject is not available. But there is reason to believe that a substantial proportion of United Kingdom private investment in less developed countries is in these industries.
§ Mr. WarbeyTaking the right hon. Gentleman's reply in conjunction with the statement given in the recent White 227 Paper that two-thirds of private overseas investment goes to the more developed countries, does not this make it abundantly clear that effective economic aid to under-developed countries must come mainly from Governmental and international sources?
Mr. AmoryI should not like to commit myself to the appropriate proportions, but the Government have always made it clear that private investment, while most valuable, requires some supplementation in appropriate circumstances by Government-to-Government aid and loan.