36. Mr. Paton
asked the Chancellor of the Exchequer the value, adjusted for changes in the value of the pound sterling, of the total invisible earnings of Great Britain for each of the years 1928, 1929, 1932, 1933, 1937, 1938, 1946 and 1947.
§ Colonel J. R. H. Hutchison
Will the right hon. and learned Gentleman also circulate the figures he has taken in adjustment of the pound in the calculations he has made, and add them to the answer in the OFFICIAL REPORT?
§ Sir S. Cripps
I think it will be quite clear from the answer in the OFFICIAL REPORT how it has been arrived at.
§ Mr. William Shepherd
Will the answer convey the net invisible earnings, or will it be concerned merely with the gross figure?
§ Following is the answer:
§ Before the war our "invisible" earnings were computed on a different basis from those for 1946 and 1947. The principal difference was that, as U.K. imports were expressed c.i.f. in the balance of payments, freight and insurance earned on these imports by U.K. firms were included as "invisible" earnings even though they were earned, for the most part, from U.K. importers and not from overseas residents. At present imports are entered f.o.b. and the freight and insurance earnings referred to above are excluded from our receipts. For the year 1938, however, net invisible earnings
|1938 Purchasing Power of net invisible earnings.|
|(i) With Imports calculated on c.i.f. Basis||360||370||270||320||370||320||—||—|
|(ii) With Imports calculated on f.o.b. Basis||—||—||—||—||—||230||—80||—70|