§ 53. Sir C. Osborneasked the Chancellor of the Exchequer how much of the £59 million increase in gold reserves for November was due to further imports of hot money; by how much the United Kingdom's internal physical reserves were increased or reduced; and what he estimates as the real increase in the United Kingdom's notional economic position after allowing for these two factors.
§ Mr. Selwyn LloydIt is not possible to say how far the increase in our reserves in November was due to an inflow of "hot money"; part may have been due to the reversal of changes in the timing of payments which took place earlier in the year. No figures are available of the changes in stocks during November. It is thus not possible to answer the third part of the Question; but further improvement in our underlying balance of payments position is certainly still needed.