§ 29. Mr. Haleasked the Chancellor of the Exchequer whether he will propose the convening of a Commonwealth and Colonies economic conference to discuss a planned production and consumption of both capital investment and consumer goods within the Commonwealth and Colonies with a view to the future avoidance of over-production in one sector and under-production in others.
§ Mr. ErrollNo. A Commonwealth Economic Conference was held in September of last year, and there will be full opportunities during the current year for Commonwealth consultation on intra-Commonwealth trade and other problems of common interest.
§ 31. Mr. Biggs-Davisonasked the Chancellor of the Exchequer what Commonwealth assistance loans have been made since the Commonwealth Trade and Economic Conference, held at Montreal in September, 1958, as announced in 60W paragraph 64 of the report of that conference, Command Paper No. 539; on what terms; and for what purposes.
§ Mr. ErrollTwo such loans have been agreed—to India for £28½ million and to Pakistan for £10 million. Interest will be at rates reflecting the United Kingdom Government's own borrowing costs, plus one quarter of one per cent. Both loans will pay for goods and services from the United Kingdom as agreed from time to time between Her Majesty's Government in the United Kingdom and each of the two Governments. Both of these Commonwealth countries have important development programmes which this assistance is intended to benefit.