asked the Chancellor of the Exchequer the total of unfunded sterling balances at the latest convenient date.
The total of sterling liabilities to residents outside the United Kingdom, excluding liabilities blocked by agreement, amounted at the end of 1948 to about £1,750 million.
What steps is the Chancellor taking to see that these sums are blocked so that they cannot seep into the sterling area and become available to purchase unrequited exports?
We do not wish to block all the sterling balances; otherwise all the trade of this country would be stifled.
What steps is the Chancellor taking to see that these sums are not used for the purchase of unrequited exports from this country?
We allow the expenditure of these sums upon whatever goods the owners of the sums can purchase in these markets. They are not blocked liabilities; these are the unblocked liabilities.