HC Deb 24 October 1946 vol 428 cc7-8W
63. Mr. Driberg

asked the Chancellor of the Exchequer if he will make a statement on his recent visit to America, and the results thereof.

Mr. Glenvil Hall

My right hon. Friend attended at Washington the first annual meetings of the International Monetary Fund and the International Bank for Reconstruction and Development, in his capacity as Governor for His Majesty's Government in the United Kingdom. These meetings determined the lines on which the future work of these two new international institutions should proceed, and an interpretative declaration was secured from the Board of the International Monetary Fund in the sense desired by His Majesty's Government in the United Kingdom, to the effect that steps which are necessary to protect a member from unemployment of a chronic or persistent character, arising from pressure on its balance of payments, are among the measures necessary to correct a fundamental disequilibrium for the purpose of the consideration by the Fund of a claim for an adjustment of the exchange rate of the country concerned. My right hon. Friend was also able, during his stay in Washington, to establish personal contact with leading members of the United States administration, particularly with Mr. John Snyder, Secretary to the Treasury, and Mr. Clayton, the Assistant Secretary of State, with both of whom he had a frank and cordial exchange of views on many matters of common concern to our two countries.

On his way to Washington, my right hon. Friend spent some days in Canada, at the invitation of the Canadian Prime Minister, and took this opportunity for a no less cordial exchange of views with Canadian Ministers. In Washington, my right hon. Friend also discussed matters of common concern to the British Commonwealth with the Australian Ambassador, the New Zealand Minister, and the representative of the Union of South Africa at the meetings above referred to. He was also able to discuss with the French Finance Minister, and other representatives of European countries, various questions of future economic and financial cooperation.