Exchange Control

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 19th December 1957.

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Photo of Mr Douglas Jay Mr Douglas Jay , Battersea North 12:00 am, 19th December 1957

asked the Chancellor of the Exchequer what information he has received with respect to gaps in the exchange control which have arisen since July through Hong Kong and Tangier; and if he will make investigations to see what action is necessary.

Photo of Mr Nigel Birch Mr Nigel Birch , Flintshire West

While no system of exchange control can be completely effective, particularly in view of our position as bankers to the Sterling Area, I have no information that any gaps through Hong Kong and Tangier have arisen since July.

Photo of Mr Douglas Jay Mr Douglas Jay , Battersea North

As we now know that there were huge losses of gold through the Kuwait gap, which went on for at least two years, will the Economic Secretary look into this matter throughly, in good time, so that if this kind of thing is going on, it can be stopped?

Photo of Mr Nigel Birch Mr Nigel Birch , Flintshire West

As I think the right hon. Gentleman knows, since he was in the Treasury, Hong Kong is a difficult case. It is a big entrepôt area, and so on. We are trying constantly to improve our controls but it is not easy to get watertight ones.