HC Deb 01 March 1955 vol 537 c240W
54. Mr. Grimond

asked the Chancellor of the Exchequer what he estimates the cost will be, in gold and dollars, of his proposals to support transferable sterling.

Mr. R. A. Butler

I cannot undertake to estimate how much, if any, net loss will result from intervention by the Exchange Equalisation Account in the transferable sterling market. Indeed, the objective of the operation is the prudent use and conservation of our reserves.