HC Deb 14 December 1948 vol 459 cc1023-4
55. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer the contribution of Burma to the hard currency reserve of the sterling area in the last three years, respectively.

Sir S. Cripps

I am not in a position to give such figures, nor would they be particularly helpful since Burma's hard currency earnings during the period have been very small. Her contribution to the resources of the sterling area has been her exports of rice. These have conserved hard currencies, which would otherwise have had to be expended on food for sterling area countries. Her co-operation in this respect has been most valuable.

Colonel Crosthwaite-Eyre

Is the Chancellor of the Exchequer aware that the Economic Secretary to the Treasury said that one of the reasons, in fact the main reason, for giving £2 million of hard currency to Burma was that it was currency she had earned, and does not the right hon. and learned Gentleman's answer today show that Burma, far from supplying hard currency, is a debit factor in the sterling area?

Sir S. Cripps

Certainly not, because if she cared to sell this rice for hard currency she then could contribute the hard currency, but it is better for us that she should sell the rice to us for sterling.