Orders of the Day — Export and Import Trade

Part of the debate – in the House of Commons at 12:00 am on 24th March 1947.

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Mr. Adams:

I do not consider for one moment that that is in any sense a crisis. It would be a difficult and awkward situation and would call for the utmost effort on the part of all the people in this country, but there is quite a difference between a situation like that and the kind of economic crisis which occurred in 1931. In my view the right hon. and gallant Gentleman has completely failed to understand the significance of the Exchange Control Act. He made reference to the fact that in his opinion it would never operate, but I would ask him to re-read the Measure because he will find that it places no restriction at all on genuine current trading. In other words, there is an obligation placed upon this country, through the Chancellor, to meet its dollar and other commitments where they result from genuine current trading operations, and the right hon. and gallant Gentleman ought to be aware that, as things stand at present, starting in July of this year, we undertake to honour the free convertibility of current transactions in connection with sterling balances which have accrued in this country during the war.