§ Mr. T. Macphersonasked the Chancellor of the Exchequer whether he has any statement to make on the conclusion of a financial agreement between this country and France.
§ Mr. Dalton:An Agreement was signed yesterday. It prolongs the existing mechanism for payments between the Franc and Sterling Areas until 31st December, 1946.
The French Government paid £40 million in gold on 28th February and thus reduced to £110 million the credit of £150 million granted to them by His Majesty's Government under Article I of the Financial Agreement of 27th March, 1945. The balance will be repaid under the new Agreement in agreed instalments over the next three years. The Agreement also provides for the financing of current purchases from the sterling area during the rest of this year.
The text of the Agreement will be presented to Parliament and copies will be available in the Vote Office on Thursday.