24. Mr. TERRELLasked the President of the Board of Trade the rate of exchange at which the value of German imports this year, £17,000,000, is arrived at?
§ Sir R. HORNEThe value of imports is declared by the importers in terms of sterling, on importation.
§ Sir R. HORNEOf course, it has some relation, because every figure has some relation to every other figure. It is the value at the time the consignment is made.
Mr. TERRELLDoes the right hon. Gentleman not take steps to check these values. Must not this figure of £17,000,000 be considerably higher?
§ Sir R. HORNEI do not think so.
§ Mr. REMERIs it not a fact that owing to the depreciated mark, the value of these goods is nearly ten times as great?
§ Lieut.-Commander KENWORTHYNot here.
§ Sir R. HORNEI am afraid the hon. Member (Mr. Remer) does not quite realise what "value" means.