§ 71. Mr. A. M. SAMUELasked the Chancellor of the Exchequer whether he will consider the advisability of re-summoning the Cunliffe Committed and of requesting them to review their report of about two years ago; and whether, as the report was drawn up before the country had actually experienced the difficulties through which we are now passing, it might be advantageous that the committee themselves should reconsider their own findings so as to judge whether the experiences of the past two years suggest the adoption of methods till now untested, for example, among other expedients, using, as a temporary addition to our gold reserves, bills payable at maturity in gold countries, and/or a small proportion of the finest commercial bills in lieu of Government securities, in order to assist our return to an effective gold standard and a free gold market?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)I do not think it would be desirable to adopt my hon. Friend's suggestion. The final Report of the Committee was published less than a year ago, and the Committee then reaffirmed the conclusions reached in 1918. The general principles of the Committee's Report have, moreover, recently received the approval of the representatives of 39 nations assembled at Brussels for the Financial Conference of the League of Nations. As my hon. Friend is aware, the particular suggestion referred to in the last part of the question was carefully examined and rejected by the Cunliffe Committee.
§ Mr. SAMUELIn view of the effect of the unforeseen and extreme oscillations in the American and French exchange since the Committee sat, will the right hon. Gentleman himself authorise a small and cautious experiment with these two expedients of bills of exchange in order that we may leave no avenue 2095 unexplored by which we may approach a re-establishment of the gold standard?
§ Mr. CHAMBERLAINNo, I do not quite see how that can be done, and certainly, speaking on the spur of the moment, I am not prepared to attempt it.