HC Deb 09 December 1947 vol 445 cc156-7W
60. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer with what countries an agreement for the control of old sterling balances has not yet been concluded; and what is the total of such balances and the use to which they can at present be put.

Sir S. Cripps

I am adding at the end of this answer a list of the countries part of whose balances have been blocked by agreement; with other countries no such agreements exist. I can draw no general distinction between "old" and "new" sterling balances, but the total of short-term liabilities to residents outside the United Kingdom, excluding blocked balances, amounted at the end of October to about £1,750 million. Sterling balances owned by non-residents are available for payments in the sterling area. Balances owned by residents in the sterling area are also available for payments to nonresidents, subject to the appropriate exchange control. Arrangements exist for the transfer of sterling in agreed circumstances between countries outside the sterling area.

Following is the list:

Argentina, Brazil, Burma, Egypt, India, Iraq, Italy, Norway, Portugal, Sweden, Switzerland, Uruguay.