§ 31. Mr. Skinnardasked the Secretary of State for the Colonies what is the present dollar deficit in Hong Kong; what is the extent and nature of the dollar imports which have caused this deficit; and what steps are being taken to reduce it.
Mr. Creech JonesI regret that the information in reply to the first part of the Question is not available. The value of the imports into Hong Kong from the United States and Canada in 1948 was £27.1 million. The nature of these imports can be seen from published trade returns, and I am sending my hon. Friend an extract. The dollar imports for essential purposes in the Colony are strictly controlled by import licensing. Dollar goods for the entrepôt trade with China and neighbouring countries are financed without drawing on the sterling area dollar pool.
§ Mr. SkinnardIs my right hon. Friend satisfied that the dollar imports intended for internal trade are not being retained in Hong Kong?
§ Mr. W. FletcherWould the right hon. Gentleman bear in mind that the Treasury only permitted the open market in dollars in Hong Kong because there was a net intake of dollars from the influx of raw materials from China? Will he look over the whole of that matter now, to see whether that arrangement is necessary?