§ 49. Mr. BOOTHBYasked the Chancellor of the Exchequer whether the Exchange Equalisation Fund is being used to maintain the external value of the French franc at its present artificial rate; and, if so, why?
§ Mr. W. S. MORRISONThe answer is in the negative. The Exchange Equalisation Account has never been used for any other purpose than its proper business of minimising fluctuations in sterling.
§ Mr. BOOTHBYIf the French Government found it necessary in the future to devalue the franc, would we give them any necessary co-operation and assistance in our power?
§ Mr. MORRISONThe question seems to be somewhat hypothetical, but I feel that my right hon. Friend would not think it proper to make any statement regarding the currency affairs of another Power.