United States Loan (Withdrawals)

Oral Answers to Questions — National Finance – in the House of Commons am 12:00 am ar 5 Awst 1947.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Sir Alexander Spearman Sir Alexander Spearman , Scarborough and Whitby 12:00, 5 Awst 1947

asked the Chancellor of the Exchequer how he accounts for the drawing of £74,441,000 from the dollar funds announced on 30th July; does he anticipate that withdrawals will continue at this rate; and how long does he calculate it will be before the U.S. Loan is exhausted.

Photo of Mr Hugh Dalton Mr Hugh Dalton , Bishop Auckland

I hope to deal with these matters in some detail in the Debate which opens tomorrow.

Photo of Sir Alexander Spearman Sir Alexander Spearman , Scarborough and Whitby

Is the Chancellor of the Exchequer satisfied that there is no possibility of leakage through the sterling area?

Photo of Mr Hugh Dalton Mr Hugh Dalton , Bishop Auckland

I would rather deal with this in a comprehensive way. I shall not seek to evade such questions as this, but it would be more convenient to the House if I dealt with the matter in the course of my speech.

Photo of Sir Godfrey Nicholson Sir Godfrey Nicholson , Farnham

May I ask the right hon. Gentleman whether he adheres to the answer he gave last Tuesday to the hon. Member for Bodmin (Mr. D. Marshall) saying that: There has been no substantial change in the drain during the fortnight since 15th July. …"—[OFFICIAL REPORT, 29th July, 1947; Vol. 441, c. 257.]

Photo of Mr Charles Byers Mr Charles Byers , Dorset Northern

Does the right hon. Gentleman appreciate that this is about the third occasion on which he has given this answer that he is not going to give information to the House until the Debate tomorrow? Could he say when he will speak in that Debate? It is important that the House of Commons should have as much information as possible on which to base its contribution.

Photo of Mr Hugh Dalton Mr Hugh Dalton , Bishop Auckland

That will depend upon when you are kind enough, Mr. Speaker, to allow me to speak, but the answer which I have given is the formally correct answer. I hope that influences may be brought to bear to enable you, Sir, to catch my eye—[Laughter]—to enable me to catch your eye at a comparatively early stage.

Major Lloyd:

On a point of Order, Mr. Speaker. Is it not highly improper that the Chancellor of the Exchequer should suggest that he hopes that influences will be brought to bear upon you? Would it not have been better if he had said that he proposes to try to catch your eye at a certain time?

Photo of Mr Douglas Clifton Brown Mr Douglas Clifton Brown , Hexham

I noticed that he withdrew the first suggestion very quickly.

Photo of Sir Martin Lindsay Sir Martin Lindsay , Solihull

Would it not be better if the right hon. Gentleman told us what time, so that we could be here?