HC Deb 05 December 1944 vol 406 cc348-9
47. Mr. Shinwell

asked the Prime Minister whether he can state the nature of the agreement between His Majesty's Government and the Government of the U.S.A. for the payment of goods and raw materials outwith the Lend-Lease agreement; whether payment will be made out of our foreign assets, or will the U.S.A. accept goods and material produced in Great Britain which may be made available for export.

The Prime Minister

I must thank the hon. Gentleman for making me acquainted with the word "outwith" with which I had not previously had the pleasure of making acquaintance. For the benefit of English Members I may say that it is translated, "outside the scope of." I thought it was a misprint at first.

It is our wish that our current dollar expenditure, including payment for goods and raw materials not obtained under Lend-Lease, should be met so far as possible out of our current dollar receipts in respect of goods and material produced in this country and otherwise. As a consequence of the arrangements which have been made, I hope that this purpose will, to a large extent, be attained.

Mr. Shinwell

Does my right hon. Friend realise that that statement requires considerable amplification and elucidation, and that the point which concerns hon. Members—especially myself—and traders in this country is whether this is going to be one-way traffic which will have the effect of increasing the load of our foreign debt, or whether America will be prepared, in return for goods she sends to this country to accept goods from us? That is the simple point.

The Prime Minister

I think my hon. Friend is going a little outwith the Question which he put.

Mr. Shinwell

Does my right hon. Friend realise that to indulge in the one-way traffic is outside the scope of what is necessary in order to rehabilitate British trade?

The Prime Minister

I do not think the statement I made to the House the other day, which was agreed in detail with our American friends, gave any sense of disappointment, but the special application of it, will, of course, be watched most carefully.