§ 57. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what is the total amount of dollars and other hard currencies made available to member countries of the sterling area during 1948 to the last convenient date.
§ Mr. JayI would refer the hon. and gallant Member to the answer which my right hon. and learned Friend the Chancellor of the Exchequer gave to the hon. and gallant Member for Central Glasgow (Colonel Hutchison) on 9th April, when he stated that we had to find £147 million from our gold and dollar reserves to meet the current deficit in the balance of payments of the sterling area, including the United Kingdom, during the first quarter of 1948. The drain on the reserves of the sterling area cannot as yet be completely apportioned between the United Kingdom and other countries of the sterling area.
§ Colonel Crosthwaite-EyreSo far as the drain on this country is concerned, can the Economic Secretary give some idea of the tests which are applied before grants are made to other members of the sterling area?
§ Mr. JayThe test applied is whether the need of the other members of the sterling area is great enough to justify the grant.