asked the President of the Board of Trade if the proposed purchase of approximately 50,000,000 yards of grey cloth from Japan will be paid for in dollars; if the prices will be paid based on current United States values; and by how much it is expected the prices will differ from comparable Lancashire products.

As regards the first part of the Question, discussions are at present proceeding in Washington as to the basis of payment for purchases and sales between Japan and the sterling area, and I should prefer not to make any statement as to this particular transaction at the present moment. The prices paid are based on current United States values and, while it is not possible to make an exact comparison with the prices of individual types of Lancashire products, they will exceed comparable United Kingdom controlled prices.

While not wishing to compromise the Minister, may I ask him if the negotiations are going on between his Department and the United States Commercial Corporation? If he will answer that question I will be satisfied for now.

Yes, Sir.

Will the hon. Gentleman give an assurance that he will, when he is able, tell us what is going on?

Perhaps at some subsequent stage the hon. Gentleman will put down a Question.