HC Deb 19 February 1953 vol 511 cc1431-2
23. Mr. Russell

asked the Chancellor of the Exchequer why the International Bank is to be used as an agency for the expenditure of the £60 million which the Government are to provide for Commonwealth development.

Mr. Maudling

Because in this way we can, through our subscription to the International Bank, help the Commonwealth and at the same time reinforce the usefulness of the Bank, which has proved a valuable source of dollar capital for development in the sterling area. As my right hon. Friend made clear, however, in his statement of 3rd February, these arrangements will not usurp the normal functions of the London market.

Mr. Russell

Can my hon. Friend say whether this £60 million was part of, or in addition to, our normal capital subscription to the Bank?

Mr. Maudling

This is a release of part of our capital subscription to the Bank to be used in the development of the Commonwealth.