asked the Chancellor of the Exchequer what procedure exists at the present time, and to what extent he is using it, whereby unused credits caused by favourable balances of trade with soft currency countries may be used to pay for purchases from hard currency countries.

In some cases, our Monetary Agreements provide for settlement in gold. In others sterling may be acquired from third countries. Every effort is being made, to secure value for our exports, directly or indirectly, in needed imports or acceptable currencies.

Would the Chancellor of the Exchequer say which of these alternatives has been used in the negotiations carried on with Belgium at the present moment—and almost concluded—because we have a considerable trade balance there?

Perhaps the hon. Gentleman will put that particular question on the Order Paper.