HC Deb 09 December 1947 vol 445 c156W
58. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer why, under Article II of the Anglo-Iraq Payments Agreement, His Majesty's Government have undertaken to make good Iraq trading deficits with specified hard currency countries individually, irrespective of any surplus of hard currency that Iraq may obtain through trade with other members of the same specified countries.

Sir S. Cripps

The effect of Article II is not as suggested. Article III is the operative one for this purpose.