§ Mr. R. Mackayasked the Chancellor of the Exchequer if he will now announce the appointed day on which the Exchange Control Act will come into operation; and whether switching of investments denominated in foreign currencies will then be permitted.
§ Mr. DaltonI intend to appoint Wednesday, 1st October, 1947, for this purpose, that date being convenient for the stock exchanges and banks. As from that date, United Kingdom residents will be able through their U.K. bankers or brokers to realise their securities payable in any foreign currency, except Canadian dollars, and reinvest the proceeds in securities expressed in the same currency, provided the switching is completed within two months, any balance of currency not reinvested is offered to an authorised dealer against sterling, and the requirements of Part III of the Exchange Control Act (e.g., deposit of bearer securities) are fully met. It will also be possible to deal in such securities in the regular stock markets in the United Kingdom. I regret that these arrangements cannot apply to Canadian dollar securities, but I am pledged to apply the realisation proceeds of such securities to the amortisation of the 1942 interest free loan from Canada.