§ 31. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer the total of unfunded sterling balances at the latest convenient date.
§ Sir S. CrippsThe total of sterling liabilities to residents outside the United Kingdom, excluding liabilities blocked by agreement, amounted at the end of 1948 to about £1,750 million.
§ Colonel Crosthwaite-EyreWhat steps is the Chancellor taking to see that these sums are blocked so that they cannot seep into the sterling area and become available to purchase unrequited exports?
§ Sir S. CrippsWe do not wish to block all the sterling balances; otherwise all the trade of this country would be stifled.
§ Colonel Crosthwaite-EyreWhat steps is the Chancellor taking to see that these sums are not used for the purchase of unrequited exports from this country?
§ Sir S. CrippsWe allow the expenditure of these sums upon whatever goods the owners of the sums can purchase in these markets. They are not blocked liabilities; these are the unblocked liabilities.