HC Deb 03 August 1965 vol 717 cc1259-60
20. Mr. Shepherd

asked the Chancellor of the Exchequer what was liability incurred by the United Kingdom as sterling area bankers for the rest of the sterling area in the years 1960 to 1964, making allowances for gold sold to the United Kingdom for sterling during the same period; and what estimate he has made of the gold and dollar liability in the same period in respect of the United Kingdom's trade with Canada.

Mr. Callaghan

The reserves of overseas sterling area countries deposited with the United Kingdom—that is, our net sterling liability to them—rose by around £100 million in this period. With permission, I will circulate figures for the individual years in the OFFICIAL REPORT. Canada does not bank her reserves with this country.

Following are the figures:

End-year £ million
Overseas sterling holdings (net) 1959 2,704 fall of £29 million
1960 2,478
1961 2,631
1962 2,675
External liabilities and claims in sterling (net) 1962 2,298 rise of £130 million
1963 2,469
1964 2,428