§ LORD BARNBYasked Her Majesty's Government, with particular regard to urgings from high quarters for the greatest possible investment by North America in United Kingdom industry, whether in view of an announced large allocation of dollars far the re-purchase of United States-held United Kingdom shares, operations of this character do not conflict with announced policy; also whether distribution of such amount of dollars to a number of United Kingdom applicants desirous of starting branch businesses in North America, would not offer better promise and therefore prospects of future dollar earnings.
§ THE EARL OF SELKIRKIt is the continuing policy of Her Majesty's Government to encourage dollar investment in the United Kingdom, where this will bring material benefits to the United Kingdom economy and balance of payments. In certain exceptional cases, however, such as the one to which the noble Lord refers, Her Majesty's Government have felt that without departing in any way from their general policy they were justified, in the national interest, in 187WA allowing the purchase by British interests of North American holdings in United Kingdom industry. With regard to the second part of the Question, Her Majesty's Government are prepared to consider sympathetically any proposals 188WA by United Kingdom firms to establish branches in North America, where these promise real benefit to the United Kingdom balance of payments.
House adjourned at eight minutes before seven o'clock.