§ 47. Mr. William Shepherdasked the Chancellor of the Exchequer the rate of interest paid on sterling balances in 1947, and the total amount paid in respect of such interest during 1947.
§ The Chancellor of the Exchequer (Sir Stafford Cripps)Apart from cash holdings, a great part of the sterling balances is held in the form of Treasury bills, bearing interest at ½ per cent., amounting to about £10 million a year. In addition, the Crown Agents for the Colonies, Currency Boards and similar authorities continue to hold short and medium term British Government securities at varying higher rates.
§ Mr. ShepherdIs the Chancellor able to say whether the interest on blocked sterling balances is itself blocked, or made available for current purchases?
§ Sir S. CrippsI could not say without notice.