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Balance Of Payments

Volume 443: debated on Thursday 30 October 1947

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asked the Chancellor of the Exchequer the size of our adverse balance on current account for the period January-August, 1947; what was the magnitude of our national drawings on the American and Canadian Loans; and if he will give details of the capital transfers in categories, of unrequited exports, payments in respect of the deficit on current account of the sterling area as a whole, other than the United Kingdom, and straightforward net conversion of pounds into dollars.

The United Kingdom adverse balance on current account with the rest of the world is provisionally estimated at £350 million in the first six months of 1947. The corresponding figure for the third quarter is not yet available. In the period January-August, 1947, drawings on the U.S. Loan were £682 million, and on the Canadian Loan £65 million. In reply to the rest of the Question, I am collecting such figures as are available and will circulate them in the OFFICIAL REPORT