§ Mr. SUGDENasked the Parliamentary Secretary to the Overseas Trade Department if he will state in figures what effect increased borrowings in London by foreign and Colonial Governments during the last six months has had upon our exports; and whether he will cause representations to be made to the Treasury, the Bank of England, and the London Joint Stock Banks to co-operate, and by the usual financial processes to encourage, firstly, Colonial and Empire trade, and, secondly, Allied trade before offering similar facilities to foreign countries?
§ Sir P. LLOYD-GREAMEIt has been computed that during the first six months of the current year foreign Governments 489W borrowed in this country only £13.1 millions as against £41.6 millions borrowed by Governments within the Empire. In the same period British exports amounted to £351.7 millions. My hon. Friend will, therefore, appreciate that the volume of capital borrowings on the London market by foreign and colonial Governments is small in relation to the value of exports, and variations in the latter totals depend on many 490W factors. Consequently no statistical correlation can be established between the fluctuations in the two sets of figures. As regards the last part of the question, I do not think it necessary to make the representations suggested by my hon. Friend, since there is no reason to suppose that the raising of loans by foreign Governments in the London money market has any prejudicial effect upon Imperial trade.