HC Deb 28 June 1949 vol 466 cc976-7
50. Mr. Peter Freeman

asked the Chancellor of the Exchequer how many pound notes and ten shilling notes are now in circulation; and what is the amount of gold in the Bank of England.

Sir S. Cripps

On 28th February, 1949, the end of the Bank of England year, there were 968,719,000 pound notes and 177,708,000 ten shilling notes in circulation. The Issue Department of the Bank of England holds gold to the value of £247,833.

Mr. Freeman

Is it not a fact that the gold in the Bank of England now bears no relationship to the value of the notes issued; and could my right hon. and learned Friend say what purpose it now serves? Would it not be better to sell that gold and have something more valuable in its place?

Sir S. Cripps

There is plenty of value behind the backing of British currency without that gold.

Mr. Oliver Stanley

I think that the right hon. and learned Gentleman inadvertently said £247,000.

Sir S. Cripps

No, I said quite accurately in The Issue Department of the Bank of England. That is all I am dealing with.

Mr. Stokes

Was the value of the gold expressed in monetary terms or real gold value?

Sir S. Cripps

It was expressed in sterling, as I have stated.

Mr. Osborne

At how much per ounce is it reckoned?

Sir S. Cripps

I could not say how many ounces are represented in £247,000.

Mr. Osborne

How much is it worth per ounce?

Sir S. Cripps

I cannot tell the hon. Member but I imagine it is the sterling value.