September 21, 1949 (21st Parliament, 1st Session)

LIB

Douglas Charles Abbott (Minister of Finance and Receiver General)

Liberal

Mr. Abbott:

They have always been able to. If the hon. member means sterling that is blocked, of course they cannot. If he means sterling which cannot be used for the purchase of merchandise, he is right; but exports to the British West Indies which are allowed in can be paid for in sterling, and that sterling is made convertible by the Bank of England at the official rate. Exporters have to have an export permit to take the merchandise in. They have to secure it from the British, not from us.

Topic:   EXPORTS FROM MARITIMES
Subtopic:   QUESTION AS TO PAYMENT IN STERLING
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