HC Deb 20 June 1950 vol 476 c89W
Sir H. Lucas-Tooth

asked the Chancellor of the Exchequer how far the agreement entered into between the Colonial Development Corporation and Mr. Arthur Vining Davies for the purchase of the latter's property in the Bahamas, involves the expenditure of dollars or other hard currency.

Sir S. Cripps

No part of the purchase price is payable in dollars. It has been agreed with Mr. Davies that the purchase price will be payable to him in sterling, half of which will be blocked in the normal way and usable only for investment in British Government securities; the other half he will be able to invest elsewhere in the sterling area, with the right to sell out and claim dollars only where the investment is approved by the appropriate authorities