Mr. Edward M. Taylorasked the President of the Board of Trade, if he is aware that the Australian Conference Lines and the New Zealand Conference Lines have recently decided to change to a tariff quoted in United States dollars; and what effect he estimates this decision will have on British shipping and international trade.
§ Mr. J. P. W. MallalieuI am aware of this change which Continental and United Kingdom Lines have adopted to avoid the difficulties which can be created when freight rates are based on the national currency of a member line. Although freight rates are in future to be based on the United States dollar, the payment of United Kingdom freight will continue to be in sterling and thus the terms of trade should be unaffected.