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Dollars (Diversion)

Volume 464: debated on Tuesday 3 May 1949

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asked the Chancellor of the Exchequer what steps he is taking to prevent the diversion of dollars from the sterling area, through the action of foreign governments, which, despite assurances to the contrary, are permitting commodities purchased in sterling by their countries to be shipped to European countries, and thence re-shipped against dollar sales to the United States of America; and whether he is aware that statistics available to him show that such diversion has resulted in the loss of more than 4 million dollars in the first three months of the present year, in the case of one commodity alone.

The problem to which the hon. Member refers is receiving my attention. In considering it I am taking into account the information which which he has been good enough to furnish me.