The present statistical series of external liabilities and claims in sterling, often referred to as the 'sterling balances', had its origin in a recommendation of the 1931 Committee on Finance and Industry (the "Macmillan Committee"). Over the years the original series has undergone a number of changes in definition and coverage, the main ones being made in 1945 and 1963; these were explained in an article in the June 1963 issue of the Bulletin.
A revised presentation of external liabilities and claims in sterling