asked the Chancellor of the Exchequer whether, in view of the fact that drawn bonds of the Chilean Nitrate and Iodine Corporation Income Debenture bonds can be tendered in New York for repayment in dollars, he will grant a licence for such bonds to be exported to New York for encashment.

Yes, Sir, so far as the dollar bonds are concerned.

While thanking the right hon. and learned Gentleman for that answer—[HON. MEMBERS: "Oh"]—even the worst Minister sometimes gives the right answer—may I ask him if he is aware that he enables bondholders to get about 16 per cent. more by converting them into dollars in New York, and that if he had not done so the Chilean Government would probably have pocketed that profit?

There will not be any conversion because they are dollar bonds.