§ LORD CHERWELLasked His Majesty's Government to state separately the amounts in dollars which, as visible and as invisible imports were debited against, and the amounts which as visible and as invisible exports were credited to (a) the, dependent overseas territories, (b) other sterling area countries in the years 1949 and 1950, whose net values are given under Item 22 in Part III, Table 10 of Cmd. 8201 as (a) plus 162 million dollars, (b) minus 528 million dollars, in 1949; and (a) plus 438 million dollars, (b) plus.76 million dollars, in 1950; and for any other analysis of these items into countries or goods which can be provided.
THE FIRST LORD of THE ADMIRALTY (LORE PAKENHAM)His Majesty's Government in the United Kingdom has no responsibility for the transactions of other sterling area countries, apart from its general responsibility for the Colonies and other dependent overseas territories. The estimated net effect on the central reserves of all transaction, of the dependent overseas territories and of other sterling area countries with the dollar area is shown in Table 10 of Cmd. 8201; these are the figures quoted by the noble Lord. For the general information of noble Lords, however, I have had prepared a table which gives for 1948, 1949 and 1950, estimates of expenditure on and earnings from visible trade by independent sterling area countries as a group (excluding South Africa), as well as by the principal groups 755WA of Colonial territories. Estimates of invisible imports (which are largely freight), of invisible exports (which are, in general,
I. TRANSACTIONS OF DEPENDENT OVERSEAS TERRITORIES, AND OF OTHER STERLING AREA COUNTRIES, WITH THE DOLLAR AREA 1948 1949 $ million 1950 (provisional) (a) DEPENDENT OVERSEAS TERRITORIES:— Expenditure on imports (f.o.b.)— West Africa … 25 25 20 West Indies … 135 100 60 Far East* … 115 60 20 Other … 40 40 25 TOTAL … 315 225 125 Earnings from exports— West Africa … 125 95 100 West Indies … 50 60 70 Far East* … 295 225 340 Other … 30 25 45 TOTAL … 500 405 555 (b) OTHER STERLING AREA COUNTRIES— Expenditure on imports (f.o.b.) … 850 800 590 Earnings from exports … 640 510 730 (* Figures are not comprehensive.) I cannot properly give figures relating to individual sterling area countries, but some of the independent countries of the Commonwealth publish estimates of their own dollar position. Trade figures, both of the sterling area countries and of the U.S.A. and Canada, are also available and Canadian trade statistics.
II. NORTH AMERICAN IMPORTS FROM STERLING AREA (APART FROM U.K. AND SOUTH AFRICA) Values in U.S. $ million 1948 1949 1950 Rubber: Value … … … … 230 145 275 Long tons ('000) … … … … 550 390 470 Wool: Value … … … … 150 110 190 lb.(million) … … … … 190 120 200 Jute and jute goods: … … … … Value … … … … 185 145 125 Cocoa: Value … … … … 110 80 85 Long tons ('000) … … … … 135 155 160 Tin: Value … … … … 75 85 100 Long tons ('000) … … … … 35 35 55 Tea: Value … … … … 55 55 70 lb.(million) … … … … 110 110 140 Sugar: Value … … … … 25 60 70 lb. (million) … … … … 500 1,100 1,260 House adjourned at eleven minutes before five o'clock.
756WArelatively small, and of investment are subject to a greater margin of error, and are here excluded.
show considerable detail. For the general information of noble Lords, however, rough estimates of the value and volume of the principal items of sterling area exports to North America are shown below. These are based on U.S. and Canadian trade statistics.