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Mr. Lee
asked the Chancellor of the Exchequer whether he has any statement to make on the conclusion of a monetary agreement between this country and Spain.
Mr. Dalton
A Monetary Agreement between His Majesty's Government and the Spanish Government was signed on 28th March. The existing Anglo-Spanish Clearing Agreement of 18th March, 1940, is now abrogated. The new Agreement provides a more flexible mechanism and will assist us to pay for essential imports of foodstuffs and raw materials from Spain. The text of the Agreement is being presented to Parliament and copies will be available in the Vote Office today.