§ 59. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer if he will state the cost to this country for the year 1948 of implementing Article III B (1) and (2), respectively, of the Anglo-Russian Trade Agreement of 27th December, 1947.
§ The Economic Secretary to the Treasury (Mr. Douglas Jay)These will be normal commercial transactions and no loss is contemplated.
§ Colonel Crosthwaite-EyreWill the Economic Secretary to the Treasury bear in mind in his negotiations that the goods covered in that Article are the best dollar earners that we have, and will he see that he receives an adequate return for them from Soviet Russia?
§ 60. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what favourable balance to this country stood on the account referred to in Article 5 of the Anglo-Soviet Agreement dated 16th August, 1941, 1st May and 31st July, 1947, respectively.
§ Mr. JayI cannot give information about the state of a particular account with the Bank of England.
§ Mr. ErrollWhy not?
§ Mr. JayThe hon. and gallant Member will realise that a banking account is a confidential matter between the banker and the depositor.
§ Colonel Crosthwaite-EyreIf the Treasury agrees to freeze the amount for 14 years from the date of signature, surely this House is entitled to know what is being spent?
§ Mr. JayThis is a pure piece of machinery which arises out of the Agreement of 1941 concluded by the Coalition Government of that date.
§ Colonel Crosthwaite-EyreThen may I know to which Article of that Agreement the hon. Gentleman refers?
§ Mr. JayIt arises under Article 5 of the Agreement which the hon. and gallant Gentleman mentions in his Question.