§ 29. Mr. Skinnardasked the Secretary of State for the Colonies if he is prepared to make a statement on the effect of devaluation in the Colonies; and what arrangements have been made to counter inflation in those Colonial territories in which increased sterling income may be expected.
Mr. Creech JonesIt is too early to say precisely how the change in the sterling/dollar exchange rate will affect the different Colonies or the degree to which inflationary conditions may arise in any of them. Colonial Governments are, 379 however, fully alive to the importance of avoiding inflation by employing appropriate methods in the local circumstances.
§ Mr. StokesIn his consideration of this matter will my right hon. Friend bear in mind that the devaluation policy is really a wangle on the part of all bankers everywhere to make the people everywhere poorer?