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Anglo-American Loan Agreement

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 10 July 1947.

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Photo of Mr Daniel Lipson Mr Daniel Lipson , Cheltenham 12:00, 10 July 1947

asked the Chancellor of the exchequer if it is the intention of His Majesty's Government to ask the U.S.A. to agree to a modification of the Anglo- U.S. Loan Agreement so as to permit Britain to buy commodities from soft currency countries and at the same time to restrict imports from hard currency countries.

Photo of Mr William Hall Mr William Hall , Colne Valley

A comprehensive approach to the U.S. Government will be necessary as part of the response to Mr. Marshall's speech. Meanwhile, it is undesirable to deal piecemeal with particular aspects of Anglo-American relations.

Photo of Mr Daniel Lipson Mr Daniel Lipson , Cheltenham

Does that answer mean that, until agreement has been reached with regard to the Marshall offer, no action will be taken to amend the Anglo-U.S. Loan Agreement, and if so, cannot that decision be reconsidered in view of the urgency of the matter and the very great public anxiety that there should be a revision of that Agreement?

Photo of Mr William Hall Mr William Hall , Colne Valley

The urgency, of course, is well realised. We have had a Debate this week in this House on this matter, but I cannot add to what I have said already.

Photo of Mr Oliver Crosthwaite-Eyre Mr Oliver Crosthwaite-Eyre , New Forest and Christchurch

Is the Financial Secretary aware that on this question the American Government have already said that they are not ready to accept any modification, and will not this have a grave effect on whatever cuts have to be made in our import programme?

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