§ Mr. Gouldasked the Chancellor of the Exchequer what proportions of the l½ per cent. increase in export volume, and ½ per cent. to 1 per cent. increase in import volume, which he has estimated would follow a 1 per cent. devaluation would be achieved in six months, one year and two years, respectively.
§ Mr. Denzil DaviesWhile it is clear that there are quite long lags, probably extending over several years, before the full effects of a devaluation are to be observed in trade volumes, the scale and, even more, the timing of the effects are subject to wide margins of error.