§ 19. Mr. J. H. Osbornasked the Chancellor of the Exchequer what changes have been made by the Treasury in the dollar portfolio; and how much of this has been liquidated since 1st January, 1966.
§ 24. Sir C. Osborneasked the Chancellor of the Exchequer to what extent he is continuing to liquefy the remaining portfolio of American securities; how much sales have amounted to in the last three months; what is the holding of cash and short-term bonds to the most recent date; how much of these has been used to support sterling in the last three months; and if he will make a statement.
§ Mr. CallaghanI have nothing to add to my Answer to the hon. Member for South Angus (Mr. Bruce-Gardyne) on 28th July.
§ Mr. OsbornWill the Chancellor of the Exchequer state what the value of this portfolio is now and how much has been liquidated to date?
§ Mr. CallaghanIt is not the practice to give details of sales, but no transfers have been made to the reserves since my statement on 5th March last.
§ Sir C. OsborneIn view of the very welcome answer which the Chancellor gave to Question No. 4 this afternoon, when he said that the position of sterling was very much better—for which we are all very grateful—why cannot he give us more information on this matter, since it is generally felt that we are living on our seed corn? Why not give the details and dispel that wrong impression?
§ Mr. CallaghanIt has never been the practice to give details of this kind, because they do influence the market. I suggest to the hon. Gentleman that it is not in anybody's interest that he should press me to do so.