§ 57. Mr. Harold Davies
asked the Chancellor of the Exchequer if he will make a statement on Britain's position in the European Payments Union and say how much gold has been paid into the union and what credits have been received since the inception of the union.
§ Mr. R. A. Butler
The whole sterling area deficit with the union at the end of January was £308,377,000. We have received credit for £213,104,000, and have paid £95,273,000 in gold, of which 5W £14,246,000 have been recovered from the U.S. Government under the special arrangement made in 1950.