Mr. De la Bèreasked the Financial Secretary to the Treasury what steps the Government are taking to combat the rising adverse balance of international payment, and whether the future aim of Government policy will be to establish a permanent managed currency?
§ Captain CrookshankWhile the adverse balance of payments was higher in 1937 and 1938 than for some years previously, the debit balance in respect of imports of merchandise during the first four months of the year was, in fact, less in 1939 than in 1938. On this subject I would refer my hon. Friend to the statement made on the 9th June in the course of the Debate on the Board of Trade Vote by my right hon. Friend the Secretary to the Department of Overseas Trade.
In reply to the second part of the question, I would refer to the Declaration by Delegations of the British Common wealth (Command Paper 4403) issued after the Monetary and Economic Conference in 1933. That Declaration still stands.