asked the President of the Board of Trade if he is aware of a reluctance by American importers to purchase goods from this country through fear of a devaluation in the pound sterling; and what action has been taken by His Majesty's Government to counteract this.

I am investigating reports that importers in the United States are displaying reluctance to purchase our goods for the reason alleged. In this connection, I would refer the hon. and gallant Member to the reply given by the Economic Secretary to the Treasury to the hon. Member for Orpington (Sir W. Smithers) on 10th May about the Government's policy in relation to the exchange value of the pound.