§ Mr. Dodds-Parkerasked the Secretary of State for the Colonies whether, in view of the increase in air travel and for general convenience, he will consider, in consultation with the Chancellor of the Exchequer, having a uniform system of currency notes and cash for this country and its Colonies.
§ Mr. George Hall:The advantages to travellers are in my opinion much more than offset by the objections to uniformity between currency arrangements in this country and the Colonies, which include the strong preference of Colonial peoples for currencies associated with their own territories, the difficulties of fair distribution among so many Governments of the profits arising out of the issue of currency, and the great difficulties of initial adjustment arising out of the present wide diversity of Colonial currency units. It is, however, established policy to aim at reducing the inconvenience of the present arrangements to travellers and others by reducing to a minimum the cost of conversion between sterling and Colonial currencies, and by promoting Regional arrangements for the use of common currencies such as already exist in West Africa and East Africa and are now in contemplation between certain of the West Indian Colonies.