HC Deb 31 October 1944 vol 404 cc630-1
57. Mr. Craik Henderson

asked the Chancellor of the Exchequer what are the total and individual amounts of the blocked sterling balances; in what circumstances these were incurred; and whether he has entered into any agreement with regard to the future of such balances.

Sir J. Anderson

I stated in my Budget speech that we had incurred during the war undischarged overseas liabilities of some £2,000 million. The figure has increased since that date. The greater part of these liabilities represent sterling given in payment for local currencies required for military expenditure in the various countries. These balances are not blocked since they are available to make payment anywhere in the sterling area. In reply to the last part of the Question, I have no statement to make at present.

Sir H. Williams

Do we owe this money to anyone?

Sir J. Anderson

If my hon. Friend places a sufficiently comprehensive interpretation on the word "we," the answer is in the affirmative.

Mr. Craik Henderson

Will my right hon. Friend give the House an opportunity of discussing the matter?

Sir J. Anderson

That does not rest with me.