§ 23. Mr. Blakerasked the President of the Board of Trade whether the rate of earnings in foreign exchange from visible exports during the average of the last three quarters is now as great as during the last three quarters before devaluation.
§ Mr. DellYes, Sir. The dollar value was slightly greater; in terms of foreign currencies generally the average increase would be somewhat larger.
§ Mr. BlakerIs the hon. Member not aware of the figures given by his right hon. Friend on 25th November, which show practically no difference in the two figures when it comes to foreign currency earnings? Is not this fact just as significant as the increased percentage in volume terms and the increased value in sterling terms?
§ Mr. DellThe hon. Member must remember the difference between dollars and foreign exchange. As I pointed out, in terms of foreign currencies generally the average increase was somewhat larger. In dollar terms, I agree that it is only slightly ahead. I must emphasise that there was bound to be a fall in the dollar value of our exports immediately after devaluation, but we are currently on a strongly rising trend of exports. This is a fundamental fact of our situation.