HC Deb 13 May 1948 vol 450 c238W
55. Mr. Gallacher

asked Mr. Chancellor of the Exchequer what is the estimated amount of sterling proceeds from goods received through E.R.P. which will be put into a special account; for what purposes may this money be spent; and by whom controlled.

Mr. Jay

The amount of the sterling proceeds will depend on the amount of grants of E.R.P. aid, which is now under consideration by the House of Representatives Appropriations Committee. The purposes for which this money may be spent will be agreed between His Majesty's Government and the Economic Co-operation Administrator during the negotiations for the Bilateral Agreement. The money will be controlled by His Majesty's Government.