§ 51. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer the total of sterling released to Brazil and the Argentine for purchases in the Sterling Area, under Schedule II of S.I., 1948, No. 1080; and from what sources such sterling was acquired.
§ Mr. JayStatutory Instrument 1948, No. 1080, relates only to the removal of Argentina and Brazil from the Transferable Account area and does not provide for the releases of sterling to these countries. In the case of the Argentine, under the terms of the Anglo-Argentine Trade and Payments Agreement of February, 1948, the balances of Argentina's "A" and "B" Accounts are now available for payments of whatever nature within the Scheduled Territories. In the case of Brazil, releases of sterling are governed by Articles 18 and 19 of the Trade and Payments Agreement between Brazil and the United Kingdom of 21st May, 1948.
§ Colonel Crosthwaite-EyreWill the Minister say why, under Article 18, £10 million has been released from sterling balances; further, as S.I. 1080 implements the Anglo-Brazil Trade and Payments 1559 Agreement, will he say why the Order was made on 25th May but the Payments Agreement was not available to this House until 17th June?
§ Mr. JayThe answer to the first question is that this is in accordance with the Agreement. The second part of the question is a separate matter altogether.