HC Deb 20 July 1955 vol 544 cc377-8
49. Mr. Tilney

asked the Secretary of State for the Colonies the assets and surplus of the West African Currency Board; and what proposals he has as to participation in these assets on the grant of independence to any particular West African territory.

Mr. Hopkinson

At 30th June, 1955, the estimated figures were: assets £99,902,000, excess of assets over liabilities £7,064,000. These figures are subject to audit.

Any West African territory instituting its own currency—and a decision to do so is not necessarily linked with the attainment of independence—will be able to redeem from the West African Currency Board, in sterling, the Board's currency which is withdrawn from circulation. The sterling thus acquired will enable the territory to provide full sterling backing for the new currency.

Colonel Crosthwaite-Eyre

Of these assets owned by the West African Council, how much has been invested in local loans, which I think my right hon. Friend will agree is one of the best ways of forwarding the object of this question?

Mr. Hopkinson

That is a different matter. If my hon. and gallant Friend will put down a Question, I shall be glad to give an answer.