§ Lieut. -Colonel Bromley-Davenportasked the Secretary of State for the Colonies what proportion of the annual dollar income for the last five years of the Commonwealth dollar pool has derived from the sale of Malayan tin and rubber; and what steps are to be taken in the new Malaya Constitution to ensure that these dollar earnings are still credited to that pool.
§ Mr. Lennox-BoydThe figures available relate to the Federation of Malaya, together with Singapore, Sarawak, North Borneo and Brunei and cover total dollar earnings from all exports. The bulk of these, however, is derived from exports126W of tin and rubber. The proportion which Malayan area dollar earnings from visible trade bear to the total dollar earnings of the sterling area from visible trade since 1953—the earliest year for which a comparison is possible—is 7 per cent. This percentage would be lower if gold sales and dollar earnings other than from exports were included.
After independence, the Federation of Malaya will remain a member of the sterling area and will abide by the principles of membership of that area, as at present. The Federation Government are resolved to take all measures to strengthen the economy of the Federation and to maintain and increase the contribution which the Federation makes to the strength of the sterling area.