§ 2.50 p.m.
§ LORD BROUGHSHANEMy Lords, I beg to ask the question standing in my name on the Order Paper.
§ [The question was as follows:
§ To ask His Majesty's Government whether they will explain the cause of the heavy withdrawals of the American Loan whereby the period during which it was estimated the Loan would be available was so seriously reduced; whether a large proportion and if so how much of the Loan was used for the benefit of foreign nationals and was not confined to assist Great Britain, as was its primary object; and what precautions were taken by the Government to prevent the Loan being used for the benefit of foreigners.]
THE CHANCELLOR OF THE DUCHY OF LANCASTER (LORD PAKENHAM)My Lords, I am loath to anticipate in any way the general debate on the economic 255 situation this afternoon when I hope to deal with the subject to which the noble Lord's question refers.
§ LORD BROUGHSHANEMy Lords, will my noble friend say before we come to the discussion to which he refers whether the Government are now satisfied that the serious leakage of capital which has been referred to recently in so many quarters as having occurred on a colossal scale has now ceased?
LORD PAKENHAMMy Lords, I do not accept the implication in the question. I shall, with permission of the House, speak twice in this debate in addition to reading a statement, and I think the House will have more than enough of me without my going farther into this question at the present moment.