HC Deb 12 May 1932 vol 265 cc2076-7
62. Mr. MABANE

asked the Secretary to the Overseas Trade Department whether he can make any statement as to the steps being taken by his Department to investigate the possibility of establishing a clearing-house system for discharging debts between this country and those countries in which currency restrictions are in force?

Mr. JOHN COLVILLE (Secretary, Overseas Trade Department)

I regret that I am not yet in a position to add to the reply given to the hon. Member for the Platting Division of Manchester (Mr. Chorlton) on 28th April.

Mr. H0LDSW0RTH

Could not special pressure be brought to bear on those countries which have a balance of trade in their favour and consequently have no difficulty?

Mr. COLVILLE

That is one of the points which is under consideration.

Mr. CHORLTON

Cannot this inquiry be speeded up, as traders are suffering seriously in connection with this matter?

Mr. COLVILLE

We are moving as quickly as we can, but I would remind my hon. Friend that any Government action in this matter necessitates State interference with private interests on a large scale, and, while this may be necessary, it cannot be done without careful examination.