§ Mr. Moreingasked the Chancellor of the Exchequer whether he can account for the outflow of gold bullion from this country to the United States of America amounting to over £250,000,000 during the last 18 months?
§ Captain CrookshankIt is hardly ever possible to explain gold movements in terms of a single factor or to apportion the shares of the several causes contributing to them. The United States had a favourable visible balance of trade of about £280,000,000 in the period mentioned and it is well known that there has been an extensive movement to the United States of foreign held balances which had previously taken refuge in this country.