HC Deb 25 January 1949 vol 460 cc746-7
55. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer to what extent in the calendar year 1948 has a reduction in the drain on the gold and hard currency reserves of this country been achieved by the sale of British assets in foreign countries.

Sir S. Cripps

During 1948 the sale of British assets in the non-sterling area has been very small except in the case of Argentina, where about £155 million of British assets were sold, being almost wholly the formerly British-owned railways which were disposed of under financial arrangements debated in the House on 23rd February, 1948, and Brazil, where such sales as have taken place have been financed in accordance with Article 19 of the Trade and Payments Agreement dated 21st May, 1948.

Colonel Crosthwaite-Eyre

Can the Chancellor give any estimate of what the other sums, to which he referred as small, will amount to in the course of a full year?

Sir S. Cripps

I think that they are quite negligible compared with the sums I have mentioned.

Mr. Nicholson

Could this information be given in some official publication or must it be elicited by question and answer?

Sir S. Cripps

I could not answer that question without notice.

Mr. Oliver Stanley

Would the Chancellor consider giving details of this sort in the Economic Survey for next year, because, of course, they do bear very much on the real deficit which we have to meet?

Sir S. Cripps

I will certainly bear that in mind.