HC Deb 22 June 1944 vol 401 c341
32. Mr. Craven-Ellis

asked the Chancellor of the Exchequer whether the problem of blocked sterling balances will be settled by direct negotiations with the countries concerned holding such balances or will it be submitted for consideration to the coining International Monetary Conference.

Sir J. Anderson

I would refer my hon. Friend to paragraph X.1 of the Joint Statement of Principles by Experts on the Establishment of an International Monetary Fund, which states that the Fund is not intended to deal with international indebtedness arising out of the war.

Mr. Craven-Ellis

May I ask the right hon. Gentleman if consideration has been given to the grave position which would arise if these countries with blocked balances in this country demanded liquidation? We could only do it by goods, and that would mean that goods would have to be exported and we should have no imports to correspond with those exports.

Sir J. Anderson

I think the matter is not one which can be pursued by way of question and answer. I can reassure my hon. Friend, if he has any doubts, that these matters are engaging the attention of the Government in the way they deserve.

Sir H. Williams

Does the right hon. Gentleman not realise that if the White Paper is adopted, nearly all balances will be blocked?