The principle on which we have worked at the Treasury is this; that we will only seek power from Parliament to impose prohibitions such as that when it; is the only way of attaining the necessary object without delay and without excessive cost.
Perhaps I may be allowed to repeat here the answer which I gave in the House of Commons on May 2, so that those who from time to time are invited to give advice to some client or customer with money to invest may have the answer in mind.
I said, "I have said quite plainly that the export of capital at the present time is undesirable in the general national interest. Truly all this depends on the goodwill of those concerned to fall in with the wishes that have been expressed on the matter and I think I can confidently hope that the private investors will similarly respond to the very definite expression of opinion which has been made with regard to investments in foreign securities, I do not feel any doubt whatever that the great communities represented round these tables tonight can be organized for the exercise-of a great and beneficent influence in that direction and if this is done I hope that we may be able to continue to avoid imposing formal restrictions which certainly would be found to be very galling and inconvenient to a great number of people."
Text read from the printed page and cleaned; old type leaves the occasional error.