I find difficulty in understanding the figure of £45 million to which the Minister referred. If the information is there, and can be given without damage, I would be interested to know more about it. The Minister said that some years we are in credit and some years we are in deficit. This, I think, he said is on current. Then there is reference to capital. If one just took the payments, forgetting about the current or the capital nature of the payments, and receipts, taking a sort of secular view, are we, in fact, pooling foreign currency into the sterling area, or are we dependent on the sterling area for our foreign currency requirements, forgetting that distinction between current and capital, because, from a payments point of view, it does not really matter what they are.
Exchange Control (Continuance) Bill, 1970: Committee and Final Stages.
Question proposed: "That section 1 stand part of the Bill."
The figure of £45 million was the inflow of capital in 1969. Was that the question?
Yes, it would suggest current approach. To any significant degree in comparison to the £45 million?
Yes. In fact, the figure was larger than that, but they do not balance out exactly. If the House will bear with me for one moment I will just check my facts. The inflow for industrial investment was about £45 million.
So we really have got to behave like gentlemen so far as the sterling area is concerned.
On occasions, yes.
Question put and agreed to.
Section 2 agreed to.
Title agreed to.
Bill reported without amendment, received for final consideration and passed.