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Sterling Balances

Volume 465: debated on Tuesday 24 May 1949

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asked the Chancellor of the Exchequer what is the total in each year from 1945, and in 1949 to the latest convenient date, of sums withdrawn from sterling balances by other countries in agreement with His Majesty's Government.

, pursuant to his reply [OFFICIAL REPORT, 17th May, Vol. 465, c. 257] supplied the following information:The following releases have been made in accordance with formal agreements with Argentina, Brazil, Ceylon, Egypt, India, Iraq, Pakistan and Uruguay. No formal agreements for restricting sterling balances came into force until 1946.

Sterling Releases from restricted to curreut Accounts
£m.
19465
1947156½
1948267 (a)
1949 (1st quarter)50
(

a) These figures take no account of the payments by India and Pakistan for the purchase of annuities from His Majesty's Government and for defence stores under the financial agreements of July, 1948 (Cmd. 7472 and

7479), but include the sums paid in connection with the purchase of the British-owned railways in Argentina.