HC Deb 15 December 1949 vol 470 c290W
61. Lieut.-Commander Braithwaite

asked the Chancellor of the Exchequer whether he has completed his investigations into sterling exchange transactions by Messrs. Thomas Cook and Sons, New York; and if he will make a statement.

Mr. Jay

My right hon. and learned Friend has no legal power under the Exchange Control Act, 1947, to control the dealings in foreign currency of Thomas Cook's New York Agency, which is an American company incorporated in the United States. It is not an offence against the Exchange Control Act for the company to sell sterling notes at a discount in New York.