§ 65. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what adjustment took place of the sterling balances held by India, Pakistan and Ceylon, because of the further releases from their sterling balances made to these countries under the Colombo Plan.
§ Mr. GaitskellNo releases of sterling balances held by India, Pakistan and Ceylon have yet been made under the Colombo Plan, but I hope to be able to make a statement in the near future.
§ Colonel Crosthwaite-EyreBefore the Chancellor makes the statement to which he has referred will he give an assurance 202 to this House that the adjustment of sterling balances will have taken place as part of these releases.
§ Mr. GaitskellNo, Sir. The hon. Gentleman should await my statement.
§ 66. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer the date from which His Majesty's Government decided not to adjust sterling balances as a contribution to the settlement of war indebtedness as laid down in Article 10 of the Anglo-American Financial Agreement.
§ Mr. GaitskellThe Article in question contemplated the adjustment of sterling balances not by unilateral decision but by agreement with their holders. Such agreement has never been forthcoming.
§ Colonel Crosthwaite-EyreAs this Article says that His Majesty's Government undertook to implement adjustment within a very short time, will the right hon. Gentleman say why His Majesty's Government have never made such an effort and why now they have said that they are not going to attempt such an effort?
§ Mr. GaitskellHis Majesty's Government have made efforts, but it is not possible for them to take action on a unilateral basis.
§ Colonel Crosthwaite-EyreIf they say that they have made efforts, will the right hon. Gentleman tell the House of one effort, because last week he said that it was not part of His Majesty's Government's policy to present counterclaims, which is the only method of implementing this Article?
§ Mr. GaitskellI could not agree with that.