§ Mr. BALDWIN
The operations on Government account for the regulation of the New York exchange include sales of sterling when the rate is favourable as well as purchases when the rate is unfavourable. It would not be in the public interest to give details of the transactions from day to day, but I may say that over the whole period sincethe Armistice there has been no net dollar expenditure. On the other hand, it must be remembered that considerable relief to this exchange is given by the fact that a large amount of imports from the United States which, under normal conditions, would fall upon the ordinary exchange, are now for direct Government account, and are being paid for out of our borrowings in America. The vital necessity for restoring our export trade is engaging the constant attention of His Majesty's Government.