§ 61. Mr. BILLINGasked the Chancellor of the Exchequer whether he will state the value of the currency notes issued up to 1st January of this year by the Treasury of the face value of both £l and 10s.; and what ratio the paper issue bears to the gold reserve held?
§ Mr. BONAR LAWI would refer the hon. Member to the Return published in the "Gazette" of Friday, the 4th January.
§ 62. Mr. BILLINGasked the Chancellor of the Exchequer whether the proposed issue of 5s. currency notes is due to a shortage of silver; and, if so, will he state the reasons for that shortage?
§ Mr. BONAR LAWThere has been an abnormal demand for silver for currency purposes in almost all countries of the world owing to war conditions, and a stock of 5s. currency notes has been printed as a measure of precaution in case the supply of silver offering should be insufficient to meet future demands.
§ Mr. BILLINGWill the right hon. Gentleman say whether any member if the present Government is in any way interested in the fluctuation of silver?
§ Mr. BONAR LAWSo far as I know, the answer is in the negative.
§ Mr. D. MASONWill not anything be required for the issue of these 5s. currency notes? Does the Act provide for it?
§ Mr. BONAR LAWMy hon. Friend is quite right. We cannot issue them without the sanction of legislation.