§ Mr. HURD
asked the Chancellor of the Exchequer whether his attention has been called to the fact that the Canadian Government is raising its new external loan of 40,000,000 dollars on the New York rather than the London market; whether he is aware that the handicap against London, arising from the stamp duty, difference in exchange, etc., has been estimated at 2 per cent.; and whether any steps can be taken to lessen such hindrances to inter-Imperial financial relations?1647W
§ Mr. McNEILL
I think my hon. Friend is under a misapprehension. According to the Press reports the Canadian Government loan in New York is largely for refunding purposes. In any case neither of the causes suggested by the hon. Member can have influenced the placing of the loan in New York. The rate of stamp duty in this country on a bearer bond of a Dominion Government would be 5s. per £100, and since the return to the gold standard the exchange does not vary except between the narrow limits of the gold points. These factors taken together amount to less than ½ per cent.