§ Mr. Hepworthasked the Chancellor of the Exchequer whether, in view of the fact that British export trade is being seriously damaged by the fall in the price level of primary commodities and this in turn is largely the result of adverse developments in the United States, he will consider the desirability of recommending 1110W action designed to alter the present sterling-dollar exchange rate and to raise the sterling level of commodity prices?
§ Captain WallaceNo, Sir. My right hon. Friend does not consider that the action suggested by my hon. Friend would be likely to achieve the purpose which he has in mind, and it would be contrary both to the Tripartite Currency Agreement and to the statutory provisions governing the use of the Exchange Equalisation Account.