The Archive · 1938

Brazilian External Loan

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Tariff Reprisal Suggestion Made in Commons London, June 16. Sir Joseph Leech, Conservative ber for the West division of Newcastle-upon-Tyne, asked the Chancellor of the Exchequer, Sir John Simon, in the House of Commons today, whether notwithstanding the resulting temporary loss to all concerned, he would impose prohibitive duties on importations of Brazilian products into the United Kingdom pending the cessation of the Brazilian default, which had extinguished £80,000,000 of British The Queen Y! s Norwich Cathedral The Queen visited Norwich Cathedral to re-open the Cloister after extensive restoration work had been done, and also to unveil statues of herself and King George VI. Picture shows the clergy and townspeople lining the approach as the Queen arrived. savings, The question urged this action on the grounds that, as diplomatic protests were disregarded, unless the Government made it clear to foreign borrowers that ill treatment of British capital would be met by tariff reprisals, no British subject would invest in foreign countries in future and, as a result, international rade would contract and unemployment would increase.

Sir John Simon replied that the Government attached the greatest importance to the resumption of payments on the Brazilian external debt and were in close consultation with the council of foreign bondholders. He had, he said, considered Sir Joseph Leech's suggestion but did not think it would achieve the object the Honourable Member had in mind.—Wireless through Reuter.

Text read from the printed page and cleaned; old type leaves the occasional error.

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