HC Deb 17 December 1963 vol 686 c181W
56. Mr. Callaghan

asked the Chancellor of the Exchequer what conditions are required to be satisfied before foreign exchange is supplied to traders for dealings in commodities.

Mr. Maurice Macmillan

The main condition is production of evidence that the money is due to a seller abroad and an assurance, if the goods are on-sold to a non-Scheduled Territory, that appropriate reimbursement will be received within six months.

There are special arrangements for cocoa, coffee, copra, cotton, grain, certain non-ferrous metals, rubber and sugar. Approved participants in these markets are permitted to deal in futures and to hold unsold stocks for their own account, for which other traders would require special permission. There are also arrangements to facilitate futures dealings in wool.