EQUALISING EXCHANGE.
£150,000,000 Set Aside for Purpose. British Official Wireless. RUGBY, June 28. The Financial Secretary to the Treasury, Major Walter Elliott, stated in the House of Commons this afternoon that an exchange equalisation account had been established since last Friday and *the Treasury had placed to its credit £150,000,000 as authorised by section 24 of the Finance "Act, 1932. This was an accounting transaction, the sum of £150,000,000 being held in sterling and re-lent to the Exchequer unless and until required for any other purpose of the account. The account was under the control of the Treasury, but the Chancellor of the Exchequer could not undertake to give detailed information as to its operations. In reply to a question, Major Elliott pointed out that the purchase of silver would be contrary to the provisions of the Finance Act.
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Bibliographic details
Star (Christchurch), Volume XLIV, Issue 493, 30 June 1932, Page 1
Word Count
139EQUALISING EXCHANGE. Star (Christchurch), Volume XLIV, Issue 493, 30 June 1932, Page 1
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