§ 91. Mr. Osborneasked the Chancellor or the Exchequer how far the £45 million European Payments Union surplus for February is due to the Royal Dutch capital issue and to other temporary financial factors; and how far this figure reflects the United Kingdom's real trading position with Europe.
§ Mr. SimonThe February surplus in European Payments Union was materially helped by capital movements from Holland associated with the Royal Dutch issue, and to that extent is exceptional. But the United Kingdom's monthly surplus or deficit in European Payments Union does not in general describe our trading position in Europe. It is affected by many other factors as well: in particular, the trade of the rest of the sterling area with O.E.E.C. countries and transfers to or from countries which are not members of O.E.E.C. are important. Details are shown in the relevant table and notes in the Balance of Payments White Papers. Figures down to the end of 1957 will be published in the White Paper to be issued shortly.