§ 38. Colonel GRETTONasked the Chancellor of the Exchequer if any part. of the £150,000,000 exchange credit has been used by the Bank of England to purchase gold?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)I am afraid I cannot answer this question since, as was explained in the course of the Debates on the Finance Bill, it would not be in the public interest to disclose the manner in which the Exchange Equalisation Account has been invested.
§ Colonel GRETTONIs that the answer that the right hon. Gentleman intends to give to all questions relating to exchange credit?
§ Mr. CHAMBERLAINYes, Sir.
§ Mr. MAXTONCan we have an assurance that the account is standing in a fairly reasonable way, and that there 312 has been no reckless gambling on the part of himself or his subordinates who are operating the matter?
§ Mr. CHAMBERLAINI think I can safely answer that question in the affirmative.
§ Mr. MAXTONBut you are not sure.
§ Colonel WEDGWOODIs the right hon. Gentleman the person responsible for the use that is being made of the taxpayers' money, and can he say whether he takes the responsibility for this gambling with £150,000,000 of our money?
§ Mr. CHAMBERLAIN"Gamble" is not the proper word to use. Certainly, I am responsible.
§ Mr. HAMMERSLEYWill the right hon. Gentleman bear in mind that the Government's policy of endeavouring to raise the price of commodities may be very seriously affected by any Bank of England action in going into the market to purchase gold?