§ Mr. Lewisasked the Chancellor of the Exchequer whether he can make any statement regarding the ban on dealings in American and Canadian securities; and whether this ban can now be removed?
§ Sir K. WoodYes, Sir. An Order-in-Council has been made to empower the Treasury to give instructions as to the custody and disposition of securities held in this country. In order that American and other securities marketable outside the United Kingdom may continue to be realised in an orderly fashion, it is convenient for them to be held in North America, and accordingly the bulk of the securities in question is being held in Canada pending their realisation. No action has been taken, or is at present contemplated, as regards other securities, i.e., those not marketable outside the United Kingdom, in regard to which similar considerations do not arise. Pending the arrival in Canada of the 421W securities (i.e., securities covered by the Securities (Restrictions and Returns) Order, 1939) it was necessary to suspend their sales. Permits for sales abroad will now be resumed, but for the present they will be confined to securities deposited by their owners outside the United Kingdom. As regards others, a few weeks must elapse before it will be possible to arrange for their delivery.