§ Mr. REMERasked the Leader of the House whether -his attention has been called to the fall of the American sterling exchange this morning to $4.07; and, in view of the urgent necessity of action, what policy the Government propose to adopt?
§ Mr. BALDWINThe answer to the first part of the question is in the affirmative. My right hon. Friend the Chancellor of the Exchequer has more than once, stated to the House that he did not think it wise to return to the policy of giving artificial support to the dollar exchange which was abandoned last March. He sees no necessity in present circumstances for reversing that decision.
§ Mr. REMERWill my hon. Friend consider the possibility of adopting measures to check the importation of surplus manufactured goods?
§ Mr. BALDWINMy right hon. Friend only received notice of this question at lunch time and as he is in bed to-day he has not yet had time to consider it.
§ Colonel WEDGWOODDoes not the rate of exchange automatically restrict the importation of unnecessary articles?
§ Mr. BALDWINI believe that that is held by some people to be so.