Investments (Australia, New Zealand and South Africa)

HC Deb 10 May 1966 vol 728 cc42-3W

48. Mr. Turton

asked the Chancellor of the Exchequer what were the amounts invested by residents of the United Kingdom in Australia, New Zealand and South Africa, respectively, in each of the eight years from 1958 to 1965.

Mr. Callaghan

The annual averages for 1958–64 were in Australia about £65 million, in New Zealand £11 million, and in South Africa, where heavy direct investment was largely offset by portfolio disinvestment, £3 million. The total for the three countries was about £77 million. The outflow increased during this period and the figure for 1965 is estimated at about £100 million.

49. Mr. Clark Hutchison

asked the Chancellor of the Exchequer what were the earnings received in the United Kingdom from investments in Australia, New Zealand and South Africa, respectively, in each of the eight years from 1958 to 1965.

Mr. Callaghan

The average total profits of direct United Kingdom investment for 1958–64 were: in Australia £65 million, New Zealand £12 million and South Africa £60 million. For 1965 the figure for the three countries together was probably about £190 million. These totals include profits that were reinvested and therefore not remitted to the United Kingdom.