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Trade With Japan (Dollars)

Volume 467: debated on Tuesday 12 July 1949

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asked the Chancellor of the Exchequer if he will guarantee that no dollar leakages have taken place as a result of the trade agreement with Japan.

It was agreed by the Supreme Commander for the Allied Powers that the sterling area should be reimbursed in dollars for any unprocessed goods sold to Japan which had cost dollars; and that except by special arrangement with us Japan would not resell goods obtained from the sterling area. There is no reason at all to suppose that these undertakings have not been fully carried out.

Has my right hon. and learned Friend any idea of the amount of dollars which have been leaking through this Japanese trade agreement?

The answer I have just given shows that my idea is that there is no leakage.