§ 59. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer the total 196W amount released from sterling balances since 1st August, 1945, to the latest convenient date.
§ Mr. GaitskellDuring the years 1946 (when formal arrangements for restricting sterling balances came into force) to 1950, releases made by His Majesty's Government by arrangements with holders amounted to £772 million. This figure takes no account of the payments by India and Pakistan for the purchase of annuities from His Majesty's Government and for defence stores under the financial agreements of July, 1948, but includes the sums paid in connection with the purchase of the British-owned railways in Argentina. The net change over the period in United Kingdom sterling liabilities to all countries, however, was an increase of £69 million, as shown in Cmd. 8201.
§ 60. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer to what extent the sterling assets held by the Argentine Government or by private Argentine residents at the time of devaluation and for which the Argentine claimed to be covered by exchange guarantees included Treasury bills and other Government securities.
§ Mr. GaitskellPresumably the hon. and gallant Member is referring to the sterling balances of the Argentine Central Bank which were covered by the exchange guarantee, and the answer to this part of the Question is that none of these were invested in Treasury bills or other British Government securities. The balances of private Argentine residents were not covered by the guarantee.