§ Mr. Horobinasked the Chancellor of the Exchequer how far he has addressed any fresh guidance to the Capital Issues Committee in connection with the recent Commonwealth Economic Conference.
§ Mr. R. A. ButlerI have today addressed the following letter to the Chairman of the Committee.
"DEAR LORD KENNET.
When I wrote to you on 4th December, 1951, about the principles upon which the Capital Issues Committee should operate, I asked that the Committee should scrutinise all applications by reference primarily to the contribution which they can make to surmounting the United Kingdom's present difficulties. I asked further that clear priority should be given to projects which are essentially and positively related to the re-armament programme, to the stimulation of exports to desirable markets, to the saving of imports, particularly from dollar resources, and to the relief of basic deficiencies, especially of raw materials.I now write to ask you to bring to the attention of the Committee the enclosed extract from the communiqué issued at the end of the recent Commonwealth Economic Conference [Cmd. 8717, paras. 9–13 inclusive]. I should be glad if the Committee would consider the list of criteria contained in my letter of 4th December, 1951, as extended to take full account of this new undertaking given by Her Majesty's Government and recorded in the communiqué, and would, therefore, give sympathetic consideration to projects which appear likely on the evidence placed before the Committee, to contribute materially to the improvement of the sterling area's balance of payments with the non-sterling world.May I take this opportunity of asking you to convey to the members of your Committee once again my appreciation of their continued help and advice, and my warm thanks for the time and care which they devote so unsparingly to the Committee's work.Yours sincerely,(Sgd.) R. A. BUTLER.The Rt. Hon. Lord Kennet, P.C., G.B.E., D.S.O.