§ 6. Mr. F. M. Bennettasked the Chancellor of the Exchequer whether, in view of the continuing loss of foreign currency earnings and the long term damage to London as an international financial centre, he will reconsider his refusal to allow again the use of foreign importers' drafts.
Mr. AmoryI will certainly keep the possibility of lifting the ban on refinance credits in mind. I cannot, however, at present give any indication of when this may prove practicable.
§ Mr. BennettI am grateful for the limited hope which the Chancellor has held out today, but does he not see something a little odd in a situation of virtually complete convertibility of sterling for foreigners leaving the way open for forward currency speculations, if people should be so foolish or shortsighted as to resort to it, while at the same time continuing to refuse to return to a long-standing traditional method of financing genuine international trading transactions?
Mr. AmoryOne has to keep this matter in perspective, and, as is usual in these matters, there is a balance of considerations which should be remembered.
§ Mr. BennettOn a point of order. In view of the nature of that reply, I beg to give notice that I shall raise the matter on the Adjournment at the earliest possible moment.