§ Mr. Ellis Smithasked the Secretary to the Treasury what is his policy on the granting of Treasury consent to the building of hotels and houses by British firms in foreign countries.
§ Mr. du CannSubject to examination of each application, it is the practice to give consent to experienced property development companies to undertake development projects outside the sterling area on condition that the property is sold when development is completed and the capital and profits repatriated. In addition, hotel companies may receive consent for the erection and operation of hotels. In both cases the projects normally have to be financed through the switch market or by borrowing abroad.