§ 61. Sir J. Mellorasked the Secretary to the Treasury by what method the f.o.b. value of the imports was arrived at for the purpose of Table 1 of the United Kingdom Balance of Payments document just presented to Parliament, having regard to the fact that the value of imports as shown in the Trade and Navigation Returns is on c.i.f. basis.
§ Mr. JayThe f.o.b. value of imports is derived either from Exchange Control data or from Departmental returns of expenditure and of licences issued. Any correction that may be necessary from a c.i.f. to a f.o.b. basis is carried out with the aid of known freight rates, etc., for the particular commodity from the particular destination. But a great many purchases, particularly on Government account, are carried through f.o.b. originally. The question of a direct comparison with the Trade and Navigation Accounts does not, therefore. arise.