§ 70. Mr. Teelingasked the Chancellor of the Exchequer the estimated amount of sterling at present held by Japan; and whether in negotiations for the trade agreement with Japan he will not allow convertibility into dollars of such balances until Japan's pre-war debts to this country have been repaid, or a settlement concerning them, reached.
§ Sir A. SalterI regret that I cannot disclose figures of the sterling balances of an individual country. No arrangements are in train for a trade agreement with Japan and the second part of my hon. Friend's Question does not therefore arise. I should perhaps explain however that payments relations between Japan and the Sterling Area are regulated by the Sterling Payments Agreement of 31st August, 1951.