HC Deb 19 November 1946 vol 430 c688
66. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer whether, in view of the sharp rise in prices in the U.S.A., His Majesty's Government have reviewed their estimate whereby the U.S. loan would cover anticipated trade deficits of this country until 1950.

Mr. Glenvil Hall

Yes, Sir. We are watching this closely.

Colonel Crosthwaite-Eyre

Since this loan is only worth about four-fifths of what it was when we borrowed it, can the Financial Secretary give any indication how the Government are going to avoid either buying less or finding their credit run out before we economically get on our feet?

Mr. Glenvil Hall

Most of the points in that supplementary are hypothetical, and I think we must wait and see.

Sir W. Smithers

Can the hon. Gentleman say what is the sterling value of the remaining portions of the American Loan compared with eight months ago?

Major Cecil Poole

Is it not a fact that the capital expenditure on goods in 1946 or 1947 may be much more valuable than capital expenditure in 1949–50?

Colonel Crosthwaite-Eyre

In view of the most unsatisfactory nature of the answer given, I propose to raise this matter on the Adjournment at the earliest possible moment.