§ 75. Brigadier - General COCKERILL
asked whether any and, if so, what steps are being taken to obtain parity of exchange within the British Empire?
I do not fully understand what steps my hon. and gallant Friend has in mind. I have more than once explained to the House that it is not the policy of His Majesty's Government to return to the method necessarily adopted during the War of giving artificial support to the exchanges, which would involve new borrowings abroad by His Majesty's Government or, conversely, new loans by the British Government to Governments whose exchange is at a discount with sterling.
§ Mr. A. M. SAMUEL
As this is a matter which is confined to the British Empire, would not the position be met if we had Imperial currency sterling notes based upon proper reserves in the various Imperial capitals in the Empire?