HC Deb 10 February 1953 vol 511 cc219-20
62. Mr. Crosland

asked the Chancellor of the Exchequer how much of the £60 million sterling which he proposes should be made available for Commonwealth development through the International Bank will be convertible into dollars.

The Financial Secretary to the Treasury (Mr. John Boyd-Carpenter)

It would be contrary to the principles on which the International Bank works to tie these loans to exports from the United Kingdom, but, in approving releases for specific schemes, my right hon. Friend does not contemplate authorising conversion into dollars.

63. Mr. Crosland

asked the Chancellor of the Exchequer what plan to make non-resident sterling convertible was agreed upon or discussed at the Commonwealth Conference; by what stages it is proposed to bring this plan into effect; and whether it has yet been discussed with the Organisation for European Economic Co-operation.

Mr. Boyd-Carpenter

I would refer the hon. Member to the statements made by my right hon. Friend the Foreign Secretary and my right hon. Friend the Chancellor of the Exchequer in the debate on the Commonwealth Economic Conference on 3rd February.

Mr. Crosland

In view of the fact that neither of those right hon. Gentlemen said anything on this subject, is it really not possible for the Government to give any indication of what happened on this extremely important subject at the Conference?

Mr. Boyd-Carpenter

I think that careful study of the statements of my right hon. Friends will not confirm the fleeting impression of the hon. Gentleman.

Mr. Gaitskell

Is the Financial Secretary aware that his reply will lead all of us on this side of the House to draw the conclusion that the account I gave of the proposed plan was substantially accurate since it has not been denied?

Mr. Boyd-Carpenter

I think the impression will be the precise converse.