§ 48. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer how far it has been possible to maintain the dollar price for raw materials to the United States of America subsequent to devaluation.
§ Sir S. CrippsFollowing on devaluation there has been a general reduction in dollar prices for exports of raw materials from the sterling area. The amount of the reduction varies from case to case, but on average appears to be less than 10 per cent.
§ 59. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what members of the sterling area are allowed to retain for their own use dollars and hard currency arising out of sales by them of raw materials outside the sterling area; and in particular, if any such arrangement has been made in the case of Indian manganese.
§ Sir S. CrippsIt is the established practice of the sterling area that members retain such dollar earnings as they need to meet current working requirements and sell any surpluses to the Bank of England. No special arrangements apply to sales of Indian manganese.
§ Colonel Crosthwaite-EyreDo the sales of manganese now bring any dollars into the sterling area pool, or are all the dollars so obtained held by India and used by India?
§ Sir S. CrippsI cannot allocate dollars received for any particular purpose. Under the arrangement with India, they have a certain number of dollars available; the rest come into the pool.
§ Colonel Crosthwaite-EyreThen will the Chancellor give the figures of the amounts received from India in the last three years?
§ Sir S. CrippsNo, Sir. We are not prepared to disclose the accounts of other countries with the Bank of England.