asked the Chancellor of the Exchequer the interpretation put by His Majesty's Government upon Article V 3 (a) of the Articles of the International Monetary Fund in relation to the liabilities they have assumed under Article XIX.

Article XIX is concerned with the explanation of terms, and does not impose liabilities. I am, therefore, at a loss to understand the hon. and gallant Member's Question.

Would the Chancellor state whether all sterling contributed to the International Monetary Fund is convertible under Article XIX? Is it not a fact that under Article V 3 (a) that liability need not be assumed unless it be the policy of His Majesty's Government so to do?

These are really very technical questions to deal with by way of supplementary question and answer. I am most anxious not to give any misleading replies to the hon. and gallant Member. I have given my answer to his Question on the Paper, and I would prefer not to be drawn into technical replies without notice.