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Yen (Exchange Rate)

Volume 437: debated on Tuesday 6 May 1947

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63.

asked the Financial Secretary to the Treasury what is the official rate of exchange for the sterling in Japanese yen as applicable to British troops stationed in Japan.

Is the right hon. Gentleman aware that from information at my disposal the local rate is 300—

On a point of Order. Is it permissible for hon. Members opposite to read newspapers in the course of Questions?

Hon. Members do not appear to be reading the paper, but showing each other the pictures in it which have just been the subject of a Question.

May I ask if the right hon. Gentleman is aware that from information at my disposal it seems that the real and local exchange rate of the yen is 300 to the £? Therefore, why should our troops out there suffer this further financial hardship, in view of their present uncomfortable situation?

This rate is the military rate, and prices in the canteens are adjusted to it. Arrangements are in hand for troops in that area to receive vouchers which they can use in canteens, and avoid a good deal of the troubles the hon. and gallant Gentleman has indicated.