§ 62. Mr. SHINWELLasked the Chancellor of the Exchequer whether he can state the number of transactions in sterling by British nationals in the past three weeks; and whether he can state how many were transactions of a bona fide commercial character?
§ Mr. P. SNOWDENIt is not possible, for obvious reasons, to give any exact figures as to foreign exchange transactions by British nationals in any given period, such as those asked for in the question.
§ Mr. SHINWELLWould it not be possible to get the information by consulting private exchange brokers and others?
§ Mr. SNOWDENWe have, as I said the other day, made very exhaustive inquiries into the matter. There are thousands of transactions involved and it is impossible to get at them all, but my information is that there has been no substantial withdrawal on British account.
§ Mr. SHINWELLIn cases where it has been proved that such convertibility has taken place, is it not possible for the right hon. Gentleman to take action?
§ Mr. SNOWDENThere was no power to take action before Monday, but now, by the Treasury Order that I signed on Monday night, there will be greater power by the banks to refuse to transfer into foreign exchange.