§ 49. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer the anticipated amount of sterling which during the present financial year, will be drawn by member countries from the International Monetary Fund.
§ The Financial Secretary to the Treasury (Mr. Glenvil Hall)This must depend on the decisions of other members of the Fund who may be short of sterling. I cannot offer any estimate at present.
§ Colonel Crosthwaite-EyreAs His Majesty's Government have representatives on the management of this Fund, has not the Financial Secretary any idea of what these liabilities are likely to be?
§ Mr. Glenvil HallIt is impossible to forecast the future in this way. I am sorry, but I cannot make a guess.
§ 50. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer the interpret- 380 tation of His Majesty's Government of the extent to which sterling will become convertible after 15th July under the Anglo-American financial agreement.
§ Mr. Glenvil HallI cannot add anything to the Agreement, which lays down clearly our commitments in this matter.
§ Colonel Crosthwaite-EyreWould the Financial Secretary make it clear to the House whether that agreement is interpreted by His Majesty's Government as meaning gross or net balances, and also whether it refers equally to new and old balances?
§ Mr. Glenvil HallIt would be clearly impossible within the confines of an answer to a Question to go into these matters which are very complicated, and which, as the hon. and gallant Gentleman knows, we have discussed privately more than once in the smoke room.
§ Colonel Crosthwaite-EyreIn view of that answer, Mr. Speaker, I beg to give notice that I shall raise the matte on the Adjournment.
§ Mr. Glenvil HallMay I apologise to the House for using the phrase "in the smoke room"? I am afraid it slipped out, and I am extremely sorry.
§ Colonel Crosthwaite-EyreIn view, of the right hon. Gentleman s apology, I beg to withdraw the notice that I propose to raise the matter on the Adjournment.
§ 51. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer if he will state, by countries, the balances of sterling that have become convertible under existing payment agreements.
§ Mr. Glenvil HallNo, Sir. Such a statement might be misleading, since convertible currency passes freely from one country to another.
§ Colonel Crosthwaite - EyreIt His Majesty's Government, as they have already said, have no indication how much sterling will ultimately be convertible, and if they cannot estimate what sterling will be immediately convertible, how on earth can they enter into these agreements with satisfaction and credit to His Majesty's Government?