§ 56 and 57. Mr. W. Fletcherasked the Chancellor of the Exchequer (1) the total value of goods shipped to Egypt from 1st January, 1946, to 31st March, 1947, against sterling balances held by Egypt in this country;
(2) the total value of goods shipped to India from 1st January, 1946, to 31st March, 1947, against sterling balances held by India in this country.
§ Mr. Glenvil HallThe following are the latest figures available: 37W
Trade: (£million, 6th January, 1946–28th February, 1947). — India Burma Egypt Other M. E. Countries in Sterling Area Total U.K. Imports (c.i.f.) 82.6 1.1 17.5 12.9 114.1 U.K. Exports (f.o.b.) (including re-exports) 96.2 12.5 28.2 34.3 171.2 Excess of Exports 13.6 11.4 10.7 21.4 57.1
(£ million) Sterling Balances: 31st December, 1945 31st December, 1946 Decrease India, Burma and Middle East … … 1929 1883 46 (From Table 30 of Cmd. 7099). A more up-to-date figure is available in respect of India separately; the published holdings of the Reserve Bank fell from £1250.8 million to £1209.4 million— a decrease of £41.4 million—between 28th December, 1945, and 28th March, 1947.
Movements in sterling balances are the outcome of a country's balance of payments generally, both on current and capital account, and cannot be related to trade in British goods alone. The sterling holdings of any country are equally affected by trade with third countries, by capital movements, by interest payments, by military expenditure, by such items as the sale of military surplus and by other invisible items.