§ 51. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what loss to the dollar pool of the sterling area has occurred as a result of the recent negotiations between India and the United States in Washington; and whether His Majesty's Government gave their approval to the decisions involving these losses.
§ Sir S. CrippsI am not aware of any losses to the sterling area dollar pool due to causes such as the hon. and gallant Member suggests. The second part of the Question does not therefore arise.
§ Colonel Crosthwaite-EyreCan that answer be taken as constituting a guarantee that all sales of manganese by India, either now or in the course of transaction or under contract for future delivery will result in a credit to the sterling area dollar pool?
§ Sir S. CrippsThe answer can be taken as saying what it does say.
§ Colonel Crosthwaite-EyreNo, Sir. This is a very important point. There is no country which has drawn more from the sterling area dollar pool than India, and I want to ask the Chancellor for a clear answer to this; is he satisfied that 1862 all sales of manganese from India will result in a credit to the sterling area dollar pool?
§ Sir S. CrippsIf the hon. and gallant Member wants an answer to that question perhaps he will put it down on the Order Paper.
§ Mr. ScollanCan my right hon. and learned Friend tell the House exactly the position with regard to the large sales of sterling for dollars below the present rate from this country and what steps are being taken to stop it?
§ Colonel Crosthwaite-EyreWith regard to the remark of the right hon. and learned Gentleman that perhaps I will put down a question about this on the Paper, if he will look at the Question he will see that that is exactly what I have asked—that all sales from India shall result in a credit to the sterling area dollar pool. I wish to ask him this; having made all these concessions to India is he satisfied that sales of manganese from India to America do result in a credit to the sterling area dollar pool?
§ Sir S. CrippsIf the hon. and gallant Member will read his Question he will see it states:
To ask … what loss to the dollar pool of the sterling area has occurred as a result of the recent negotiations between India and the United States in Washington. …So far as I know the answer is, "None."
§ Colonel Crosthwaite-EyreIn view of the way in which the Chancellor of the Exchequer has chosen to take this, I beg to give notice that I shall raise the matter on the Adjournment as soon as possible.