asked the Chancellor of the Exchequer whether the obligation undertaken by His Majesty's Government to pay for current transactions in convertible currency on request, after 15th July, applies to all our overseas purchases, or only to the outstanding differences between our imports and exports.

The obligation is not to restrict the use of sterling currently earned for making payments for current transactions in any currency area, including the sterling area.

Does the right hon. Gentleman think that we shall be able to fulfil it?

Yes, Sir.