HC Deb 23 November 1931 vol 260 c55W

asked the Chancellor of the Exchequer whether he is aware that, in consequence of the depreciation of the pound to 15s., the income from our foreign investments and invisible services will decline by approximately £80,000,000 per annum, with a loss of about £1,500,000,000 on capital account; and if he can indicate the steps the Government propose to take to prevent these losses?


It is not possible to discuss within the limits of a Parliamentary answer the effect of the depreciation of sterling on the balance of trade, or the steps which the Government may take to deal with the question. I would, however, draw my hon. Friend's attention to the fact that the greater part of our foreign investments are in terms of sterling, and that the sterling income is not affected. His figures in any case appear to be much too high.