HC Deb 23 June 1959 vol 607 cc1010-1
21. Mr. Philips Price

asked the Chancellor of the Exchequer what he estimates will be the effect of the action of the Iraq Government in leaving the sterling area on the capacity of this country to earn sterling currency for oil coming from Iraq.

Mr. Amory

There is no reason why this country's earnings from sales of Iraqi oil, or those of Iraq, should be affected.

Mr. Philips Price

Can the Chancellor say whether we shall have to pay the oil royalties to Iraq for the oil we get from there in any currency other than sterling?

Mr. Amory

I do not know, but it is not really of any great significance because, if we continued paying in sterling, that stering, representing current earnings, would be immediately convertible into any other currency at the request of the holders.