§ Sir J. Mellorasked the Chancellor of the Exchequer (1) whether he intends to place any restriction upon the export of capital for investment in the British Dominions;
(2) whether the policy of deprecating the purchase of foreign securities for investment is intended to discourage purchases of foreign securities which do not involve any remittance abroad; and whether he proposes to take further steps to regulate the export of capital?
§ Captain CrookshankMy right hon. Friend's reply to the hon. Member for Lowestoft (Mr. Loftus) on the 20th April related to the purchase of foreign securities. It had no relation to the purchase of sterling securities of British countries abroad. In its application to foreign securities my right hon. Friend intended it to be general, for on the whole the acquisition of foreign securities must lead to the remittance of funds abroad. As at present advised, my right hon. Friend does not propose to introduce legislation in this matter.