HC Deb 04 December 1947 vol 445 c88W
65. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer why, in view of the large trading deficits with Italy and Spain, His Majesty's Government have not included the Italian and Spanish group currencies amongst those listed under the Exchange Control Orders to be surrendered.

Mr. Glenvil Hall

Trade with Italy and Spain is largely conducted on a sterling basis, by agreement with those countries. No useful purpose would be served by requisitioning currencies for which there would normally be little demand.