§ Mr. Remerasked the President of the Board of Trade whether his attention has been called to the fact that, owing to the devaluation of the franc, silk ribbons are being to-day sold at greatly reduced prices in competition with British-made ribbons; that on 18th March, 1937, two qualities of ribbon were sold at 55s. 4d. and 68s. 10d., respectively, excluding duty, whilst to-day these same ribbons are quoted at 38s. 6d. and 49s.; and whether, as there is a proviso in the trade agreement with France that duties can be altered in the event of depreciation of the franc, he intends to take any action?
Mr. StanleyI am informed that there has been a fall in the prices of French silk manufactures since the devaluation of the franc. As was indicated by my right hon. Friend the Chancellor of the Exchequer in reply to the hon. Member for Bassetlaw on the 5th May, the French Government have given assurances that it is their intention to achieve, as the eventual result of their policy, a rate for the franc corresponding to the economic position and giving to France no competitive trade advantage. His Majesty's Government will keep the effect of the devaluation of the franc on our trade under the closest consideration.