§ 73. Mr. Morley
asked the Chancellor of the Exchequer if he is aware that Banks in the U.S.A. are giving only two dollars 60 cents in exchange for the £1 sterling instead of the official rate; and if he will make representations to the Government of the U.S.A. to stop this practice as it is damaging to our economy.
§ Sir S. Cripps
I am aware that sterling notes are dealt in in New York at prices different from the official rate in London. This arises from the prohibition on the import of sterling notes in excess of £5 into this country and I do not feel that it would be an appropriate matter on which to make representations to the Government of the U.S.A. The hon. Member will be aware that sterling other than notes is dealt in in New York at rates comparable with our own official rates.