Oral Answers to Questions — Australian Commonwealth Loans.

– in the House of Commons on 6th April 1937.

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Photo of Sir Walter Liddall Sir Walter Liddall , Lincoln

asked the Chancellor of the Exchequer whether, in view of the failure of the last three Internal Commonwealth loans and of the Commonwealth Bank's refusal of loans to the Australian State Governments, he will indicate to the Australian Federal Treasurer, now visiting England, that his negotiations for financial assistance in London will be less likely to be unsuccessful if United Kingdom investors are invited to place their savings in Australian commercial equities rather than in a long-dated Commonwealth loan?

Photo of Sir Nicholas Grattan-Doyle Sir Nicholas Grattan-Doyle , Newcastle upon Tyne North

asked the Chancellor of the Exchequer whether he will request Lord Kennet's Foreign Transactions Committee to examine the exchange difficulties arising from the fact that out of £1,258,000,000 of Australian public debt, more than £545,000,000 are domiciled in Britain, and then to advise him whether it is desirable that the London market should be used again for the flotation of Australian Commonwealth loans until a materially increased portion of Australia's external indebtedness has been redomiciled in Australia?

Photo of Mr Neville Chamberlain Mr Neville Chamberlain , Birmingham, Edgbaston

The terms of reference of the Foreign Transactions (Advisory) Committee do not cover borrowing by the Dominions, and I do not think that it would be desirable to adopt the suggestion made in the question.