asked the Chancellor of the Exchequer for what reason no counterclaims were made by His Majesty's Government against the sterling balances held by Uruguay before the payments agreement dated 15th July, 1947, was signed.

As in other cases, I have stated that His Majesty's Government reserve their position with regard to an adjustment of all sterling balances accumulated under war-time conditions.

His Majesty's Government from this answer seem always to be reserving their position; and may I ask the right hon. Gentleman, in view of the categorical assurances he has given this House respecting counterclaims, whether such assurances will be translated into action or for ever remain on the basis of "reserving their position"?

asked the Chancellor of the Exchequer if he has formed an estimate for the current financial year of the liability of convertibility assumed by His Majesty's Government under the Anglo-Uruguayan Payments Agreement.

It is expected that payments under this Agreement will approximately balance.