HC Deb 24 February 1948 vol 447 cc1767-8
56. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer if he will state by countries those members of the sterling area that have been granted dollar loans from the International Monetary Fund during 1947.

Sir S. Cripps

No member of the sterling area other than the United Kingdom purchased dollars from the International Monetary Fund during 1947. The United Kingdom purchased 240 million dollars.

Colonel Crosthwaite-Eyre

As His Majesty's Government have made themselves responsible for the requirements of the sterling area for dollars and for hard currencies, can His Majesty's Government state how long we are going on drawing on our reserves without asking any of our partners to draw on their reserves, and acting as a sort of Father Christmas, or bank, without regard to anyone else?

Sir S. Cripps

I am afraid that Father Christmas and the bank are not quite the same thing.

Colonel Crosthwaite-Eyre

Will the Chancellor of the Exchequer say whether His Majesty's Government and Father Christmas are not in fact the same thing?

Sir S. Cripps

They are much more like the bank.