Trade With Japan (Dollars)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 12th July 1949.

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Photo of Mr Harold Davies Mr Harold Davies , Leek 12:00 am, 12th July 1949

asked the Chancellor of the Exchequer if he will guarantee that no dollar leakages have taken place as a result of the trade agreement with Japan.

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

It was agreed by the Supreme Commander for the Allied Powers that the sterling area should be reimbursed in dollars for any unprocessed goods sold to Japan which had cost dollars; and that except by special arrangement with us Japan would not resell goods obtained from the sterling area. There is no reason at all to suppose that these undertakings have not been fully carried out.

Photo of Mr Harold Davies Mr Harold Davies , Leek

Has my right hon. and learned Friend any idea of the amount of dollars which have been leaking through this Japanese trade agreement?

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

The answer I have just given shows that my idea is that there is no leakage.