HC Deb 04 February 1958 vol 581 cc972-3
39. Mr. Roy Jenkins

asked the Chancellor of the Exchequer to what causes he attributes the substantial and persistent rise since 1954 in United Kingdom dollar payments, on account with the Organisation for European Economic Co-operation countries but not settled through the European Payments Union, as given in table 6 of the Balance of Payments White Paper.

Mr. Amory

The main cause of the increase has been the resale for sterling of goods purchased by the United Kingdom with dollars. By statistical convention these dollars are treated as though paid direct to the countries receiving the goods.

Mr. Jenkins

Is the right hon. Gentleman satisfied that this growth is not represented in some part by the price we are paying for supporting the transferable sterling rate and thus allowing European countries to convert dollars at our expense?

Mr. Amory

I should like to look into the point. Frankly, I do not know the answer at the moment.