§ 77. Mr. G. R. Straussasked the Secretary for Overseas Trade, as representing the Chancellor of the Duchy of Lancaster, to what extent it is proposed to impose restrictions on the amount of lead purchased by importers from dollar and non-dollar countries.
§ 78. Mr. Chetwyndasked the Secretary for Overseas Trade, as representing the Chancellor of the Duchy of Lancaster, what safeguards he has instituted to prevent the loss of dollars by the reintroduction of a free market in the purchase of lead.
§ Mr. MackesonThere will be no restrictions on purchases of imported lead through the Metal Exchange. The imposition of such restrictions would prevent the free operation of the market and make it impossible for the Metal Exchange to establish a world price for lead. The substantial earnings in foreign currencies generally which should result directly and indirectly from re-opening an international lead market in London should much more than offset any risk of dollar losses.
While dollars will be made freely available for all legitimate Metal Exchange imports, action will be taken through the Bank of England to prevent the use of the lead market for deliberate evasion of Exchange Control Regulations.
171WThe arrangements for the private import of lead other than through the Metal Exchange will be announced in due course.