§ 48. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer from what source the agency of Thomas Cook and Son in New York obtains pound notes to sell at a discount on the official pound-dollar parity rates.
§ Sir S. CrippsMainly, no doubt, from Americans who have returned from this country to the United States.
§ Colonel Crosthwaite-EyreCan the Chancellor of the Exchequer think of any worse effect on the credit of sterling than that an agency of the Government should pedal bank notes at black market rates in New York?
§ Sir S. CrippsThis is not an agency of the Government, nor is it pedalling bank notes at black market rates. There is a normal market for bank notes in New York, and it is not a black market.
§ Colonel Crosthwaite-EyreIn view of the fact that these notes are being sold at a discount on official parity rates, is it not a fact that Thomas Cook & Son, 1004 Limited, in New York, are a 100 per cent. owned subsidiary of the British Transport Commission?
§ Sir S. CrippsNo, Sir, that would not be accurate, but if it were the Government would not be responsible for what Thomas Cook & Son, Limited, do in New York.