§ Mr. Warbey
asked the Chancellor of the Exchequer whether he will take steps 212W to control and restrict the export of gold and of investment capital from this country during the period when other emergency financial and fiscal measures are in operation.
§ Mr. MacDermot
The export of gold and capital for investment to the non-Scheduled Territories is controlled and restricted under the Exchange Control Act, 1947. Under current policy for controlling outward investment, official exchange is allowed only for direct investments which will bring a clear and commensurate return to the balance of payments within the short term. The sale of gold to non-residents of the Scheduled Territories is permitted only though authorised dealers, against payment in foreign currency.