§ 76. Sir W. Smithersasked the President of the Board of Trade if he has studied the figures of the European Payments Union Settlement, just published, which reveal that the sterling area is running a deficit; and if he will take the lead in recommending the removal of tariffs and all other impediments to the free exchange of goods and services among the countries concerned.
§ Mr. BottomleyYes. I am aware that the sterling area moved into deficit in May and June with the European Payments Union. But I would not regard this as a sufficient reason to seek to divert additional exports to Western Europe or to propose the removal of customs tariffs to this end. As regards other trade barriers we are already, in the general interests of European economic recovery, doing 33W everything we can, and with much success, to promote the removal of quantitative restrictions in intra-European trade.