asked the Chancellor of the Exchequer when the Exchange Control Act will come into operation; and when the Order will be made authorising the switching between dollar securities.

I hope in August, both for the Act and for switching.

Is it a fact that today switching can be made between dollar securities?

No, Sir, not in an absolute sense. I have answered Questions on this subject before. Perhaps if there is any particular case in which the hon. Gentleman is interested he will communicate with me. We cannot grant complete and unrestricted powers at present.

Would the Minister say whether it is possible today to switch between American and Canadian dollar securities?

No, Sir, it is not possible.