§ 56. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer if be will now make a statement on the recent Anglo-Italian financial negotiations.
§ Mr. JayThese negotiations were successfully concluded on 26th November. The Italian Government have agreed to introduce measures to ensure that quotations for sterling and for dollars on the Italian market shall be in relation to one another at the rate of $4.03 to £1. A new Anglo-Italian Sterling Payments Agreement co-terminous with the Agreement for European Payments and Compensations has been concluded. Italy will re-enter the transferable account area. A preliminary examination of the probable balance of payments between Italy and the sterling area for 1949 suggested that trade should attain a somewhat higher turnover in 1949 than in 1948.