§ 62. Mr. Baldwinasked the Chancellor of the Exchequer whether he is aware that emigrants to Canada who arrived in that Dominion on 9th September, 1943, and who, under emigration concessions, were entitled to a second instalment of £250 on 9th September, 1949, and on whose behalf application had been made to the Bank of England prior to devaluation for permission to transmit, are now faced with considerable loss owing to the fact that consent was not given until after devaluation; and whether he will take steps to see that these emigrants are not penalised by this delay.
§ Sir S. CrippsTransfers for any purpose can only be converted into foreign currency at the rate of exchange ruling at the time when the funds are presented for conversion; but any emigrant who falls into the category described may make supplementary sterling transfers from his own resources, so that he will receive the same amount of foreign currency, calculated at the present rate of exchange, as he would have received at the rates ruling when the application was made.
§ Mr. BaldwinDoes not that mean that the emigrant is actually out of pocket over that transaction?
§ Sir S. CrippsI am afraid that a lot of people are out of pocket over devaluation.
§ Sir H. WilliamsDo I understand that the currency of Canada is now known officially as foreign currency?
§ Sir S. CrippsIt has always been known as foreign currency.
§ Mr. BaldwinDoes the right hon. and learned Gentleman think that it is fair that an emigrant who made his application before devaluation should now be made to suffer because there was delay in a Government Department, and is that a good example to set the citizens of this country?
§ Sir S. CrippsIt does not arise from delay in any Government Department; it arises from the question at what moment the money was presented for conversion.