Right Hon. C. D. Howe (Minister of Trade and Commerce):
Mr. Speaker, I feel I should say a word about selling wheat abroad for local currencies. It has been assumed by several speakers that we could sell wheat to Britain for sterling and use that sterling to buy goods for Canada or use it to pay our debts in other parts of the sterling area; that is not the situation. If we buy goods for sterling, we buy it under a program that has to be worked out with the chancellor, which limits the use of that sterling. Sterling is not freely interchangeable. It can only be used for certain purposes. If it were true that we could sell for sterling and use that sterling as we liked and anywhere we liked, we would have no objection.