§ LORD TEMPLEMOREMy Lords, I beg to move that the Order, as reported from the Special Orders Committee on Tuesday last, be approved. This Order, which has been reported from the Special Orders Committee, gives effect to an Agreement signed on September 2 to revise the Anglo-Rumanian Clearing. Since the end of 1937 the sterling receipts of the Clearing have been falling short of what was required to meet its needs, owing to a considerable decline in Rumanian exports to this country. The present Agreement is designed to meet that situation, by increasing the return to the Rumanian exporter in terms of his own currency, and thus encouraging exports. This has involved some modification in the Clearing machinery; the new system allows the exporter to dispose of 60 per cent. of his sterling at a rate determined by supply and demand, subject to 40 per cent. being used to pay for Rumanian imports of United Kingdom goods and 20 per cent. for any payments to persons in this country. It may be hoped that this arrangement will increase the amount of sterling paid into the Clearing, and thus enable debts due from Rumania to this country to be rapidly paid.
§ Moved, That the Order, as reported from the Special Orders Committee on Tuesday last, be approved.—(Lord Templemore.)
§ On Question, Motion agreed to.