§ 14. Mr. Ridsdaleasked the Chancellor of the Exchequer how much of the £2,000 million he stated had been invested abroad between 1950 and 1959 represents short-term capital is so far as interest on it contributes to the balance of payments.
§ Mr. Selwyn LloydThe figure of £2,000 million refers to net private long-term investment abroad. Earnings of interest, profits and dividends on all our investments abroad, both short and long-term, other than oil, are estimated at £358 million in 1959. The corresponding payments are estimated at £276 million.
§ Mr. RidsdaleIs the Chancellor satisfied with the balance between long-term and short-term investment?
§ Mr. LloydQuite obviously one cannot be satisfied with a position in which one is borrowing short and lending long, and one has to correct that position as best one can.