HC Deb 09 July 1957 vol 573 cc22-3W
51. Mr. Awbery

asked the Secretary of State for the Colonies the total share of sterling balances held by the Colonies; what amount stands to the credit of Malaya; and how much of this will be returned to the Federation to be used for its development when it attains independence next month.

Mr. Lennox-Boyd

The Colonies and other dependent territories hold about one-third of the sterling holdings in overseas hands. I am unable to give figures for individual territories, but about a quarter of the colonial holdings are held by the Malayan area which includes Singapore and the Borneo territories. The Federation of Malaya will, of course, continue to own and control its sterling holdings as it has done hitherto.