HC Deb 19 February 1953 vol 511 cc1443-4
16. Mr. Roy Jenkins

asked the Chancellor of the Exchequer whether he will make a statement on the discussions which he has held with the French Ministers on the convertibility of sterling.

Mr. Maudling

I would refer the hon. Member to the communiqué published after the talks. This correctly contained no reference to the subject of the hon. Member's Question.

Mr. Jenkins

But can the hon. Gentleman at least assure us that the secretiveness of the Chancellor of the Exchequer on this major aspect of Government policy did not hamper the talks with the French as much as he has tried to make it hamper debate in this House? Will he further assure us that the urgent need of the French to earn more sterling will not be subordinated to a desire to make sterling convertible at once? Will he also bear in mind the possibly very damaging effects upon the European Payments Union which premature convertibility might have?

Mr. Maudling

I think the hon. Gentleman is making a mistake in confusing secretiveness with discretion. On the wider question, the hon. Gentleman may have observed that among the visiting French Ministers was the Minister for Economic Affairs but not the Finance Minister.

Mr. Jay

Is it not really very unsatisfactory that all these talks on convertibility should be going on without any information being given to the House of Commons?

Mr. Maudling

I thought I had explained clearly that no such talks took place, which was the whole purport of my answer.

Mr. Jenkins

Do we further understand from that answer that not only has no information been given to the House of Commons, but that no information has been given to our European allies, such as the French, about Governments plans for convertibility?

Mr. Maudling

That seems to be going far beyond the Question on the Order Paper.

38. Mr. Edelman

asked the Chancellor of the Exchequer whether he will make a statement on his recent financial talks in London with members of the French Government.

Mr. Maudling

I have nothing to add to the official statement which was issued on 13th February.

Mr. Edelman

Is the Chancellor aware that the shortage of sterling in France is having a damaging effect on trade, particularly on exports by our own engineering industry? Will the hon. Gentleman do something to allow exports from France to this country to rise in order to establish greater equilibrium in the trade between the two countries?

Mr. Maudling

Yes, Sir. The official statement said that there was an exchange of views about current economic problems, with special reference to the balance of payments in the two countries, and the United Kingdom undertook to give sympathetic consideration to the position of France when considering import arrangements and other related matters.

Mr. Edelman

Arising out of that answer, will the hon. Gentleman say what action has been taken?

Mr. Maudling

I said that we are considering the position of the balance of payments and in particular considering the position of France. which is of great importance.