I am inclined to agree with the hon. and gallant Member for East Leyton (Major Church) with regard to the Committee that has to be set up. It is only a detail, but I do think that, in certain respects, it would be strengthened by the addition of, perhaps, a financial magnate from the City of London, or one or two other men of business, who would assist the Committee in making a correct and proper Report. I should like to congratulate the hon. Member for Drake (Sir A Shirley Benn) on bringing forward this Motion, and I can assure the hon. Member for Northern Cornwall (Sir C. Marks) that, as far as I am concerned, I shall not treat it on a party basis. I feel that it is far too vital, not only for this House of Commons, but for the whole nation, to understand this question of export trade. In the past, in 1914, it was always said that we imported four loaves out of five, consumed and it was said—and I believe it can be said to-day—that at certain times of the year, if we had not these imports from abroad, and, therefore, the exports to pay for them, we should starve in about three months. The hon. Member for Drake stated that we had to bring into this country raw materials and foodstuffs, and that we exported, against those, two classes of commodities. He forgot, however, the Debt to the United States of America. We have to export in order to pay that Debt. We were lucky last year in exporting more to the United States than we did in 1922, in spite of the Fordney Tariff. We also paid off part of that loan in gold, but the rate of exchange undoubtedly helped our exports, because, the dollar being at a premium as compared with the pound, it assisted the exports from this country.

I think that is a very strong point to remember in dealing with any export trade. The foreign trade of this country for 1923 was £1,983,000,000. It was an increase compared with the previous year of £157,000,000, or 8 per cent. It is very difficult to compare 1922 with 1923 owing to Great Britain having lost the exports in regard to the Irish Free State. There is an item which has to be considered in exports and that is the invisible exports. These are comprised of shipping, commissions, bank charges, etc. Last year they amounted to the large sum of £325,000,000. There was a balance in favour of this country of roughly £100,000,000 and we invested abroad practically that whole sum, £97,000,000. Our foreign investments in 1923 were £97,000,000. There is going to be a certain amount of trouble in the future with regard to our exports. We send more to India than to any other country in the world and, as hon. and right hon. Members know, at the present time, India is considering a big tariff against our steel trade. India is considering paying bounties to any Indian company in India which will make wagons. That must affect our exports. We may be able to get over it in certain ways, but we have to take these things into consideration, and it is in that way that I welcome the Motion of the hon. Member for the Drake Division in that the Committee must go into this question which must affect us, especially in reference to India. The hon. Member for Northern Cornwall referred to credits. He knows as well as we know that there is an Exports Credit Scheme. Firms have not come forward and taken the full amount allowed by that scheme as passed by this House. It is a difficult thing to carry out this Exports Credit Scheme. If the credit of the Company is good enough, it can be obtained in the City of London, although I warn Members that credits are getting more difficult in the future than they have been in the past.

There is one suggestion I should like to throw out to the hon. Member for Plymouth so that we might increase our export trade, and that is in encouraging foreign investments. That is, for foreign countries to come to London and place their loans in London. There are only two countries in the world that can lend money at the present to foreign countries, ourselves and the United States of America. Where the difficulty comes in with regard to ourselves, is that during the War we put a 2 per cent. stamp duty on all foreign investments floatations coming into this country, which meant a revenue to this country of, roughly, about £1,250,000. In the United States there is no stamp duty at all. I do contend that possibly the right hon. Member the President of the Board of Trade might pass on that hint to the Chancellor of the Exchequer. It would encourage foreign investments in this country. What does that mean? It means that goods would leave this country and it would help our export trade. I cannot help thinking that that suggestion is possibly worth considering.