§ Mr. Albuasked the Chancellor of the Exchequer if he will publish such details as are available of the composition of the balancing items of £154 million in, 233W in the statement of balance of payments for the first quarter of 1967.
§ Mr. CallaghanThere was a positive balancing item in the first quarter of 1967 of £154 million. Part of this exceptionally large balancing item may well represent current and long-term capital transactions which have not yet been identified. There was also the normal reversal of end year window-dressing by foreign companies. However the bulk of it—around £100 million—is probably due to timing disturbances around the turn of the year, and a reflux of other unidentified funds, accompanying the return of confidence in sterling.