§ 53. Mr. FELLasked the Chancellor of the Exchequer if gold, in the shape of sovereigns and half-sovereigns, is being sent to France each week for the pay of our Army there; if the recipients receive in exchange the rate ruling in the market or only the sum of 25 francs for a sovereign; and if some more economical plan of paying the troops there will be devised?
§ The CHANCELLOR of the EXCHEQUER (Mr. McKenna)The answer to the first part of the question is in the negative. The French Government have been good enough to make an arrangement with His Majesty's Government under which French currency is provided for the payment of the troops in France in exchange for sums credited to the French Government in London, and consequently it is not necessary to send gold.
§ Mr. FELLThen the money which is circulated in the North of France must have been taken abroad by soldiers or their friends?
§ Mr. McKENNAI should assume so, but I have no information on that point.
§ Mr. EDGAR JONESWill the right hon. Gentleman make inquiries as to whether it is not the case that these sovereigns are being used to a very large extent in exchange for pay warrants?
§ Mr. McKENNANo, Sir, I am informed that the soldiers are paid in francs and not in sovereigns.
§ Mr. KELLAWAYIs the exchange at the rate of twenty-five francs only?
§ Mr. McKENNAYes, it is at the rate of twenty-five francs.