§ 3.13 p.m.
§ LORD CONESFORDMy Lords, I beg leave to ask the Question which stands in my name on the Order Paper.
§ [The Question was as follows:
§ To ask Her Majesty's Government whether the investment by British nationals or corporate bodies of large sums in the proposed erection of a building in New York requires and has received the permission of Her Majesty's Government.]
§ THE MINISTER WITHOUT PORTFOLIO (THE EARL OF DUNDEE)My Lords, I assume that the noble Lord is referring to the interest acquired by a London property company in the erection of a new building over Grand Central Station, New York. This was the subject of a Question in another place on 10th November, 1959. As the noble Lord who was then Chancellor of the Exchequer said, Exchange Control consent was required for the use of currency derived from the sale abroad of United Kingdom-owned foreign currency securities for the purpose of making this investment and, in accordance with normal practice, consent was given. No official exchange was made available and no export of capital was involved.
§ LORD CONESFORDMy Lords, I thank my noble friend for that Answer.
861 Is there any official document to which Members of Parliament can refer in which are set out the criteria which the Treasury adopt in giving or withholding their consent?
§ THK EARL OF DUNDEEMy Lords, I think it is quite well known, but I will send my noble friend a statement on the subject. If he will look at the Answer of my noble friend Lord Amory in reply to the Question in another place on November 10, 1959, I think it will be fairly evident from the terms of that Answer what are the principles which govern our operation of the exchange control.