HC Deb 18 April 1921 vol 140 cc1505-7
43. Mr. STEVENS

asked the Prime Minister, seeing that no equitable settle-

Sir P. LLOYD-GREAME

With the hon. Member's permission, I will have statements circulated in the OFFICIAL REPORT giving the information he desires.

Following are the statements promised:

ment of wages which will enable the normal flow of our foreign trade to be renewed is possible unless international conditions of exchange are altered to an extent which is beyond the power of the nation, acting independently, to bring about, will he so advise the country; will he consider the advisability of forthwith approaching the Governments of the four principal allied nations, with the view to the appointment of an inter-allied commission to consider and to report as to what better methods than the one now employed are available for the international exchange of commodities, preferably by some stabilised system; and will he formulate some overriding policy or plan to enable the production of commodities for export to be continued upon a wage basis which would at least provide pre-War wages, plus increased cost of living, to the employés without entailing loss to the employers?

Lieut.-Commander YOUNG

I would remind my hon. Friend that the whole field of international exchange questions was fully covered by the International Financial Conference which met at Brussels under the auspices of the League of Nations in September last, and that Conference unanimously reported against attempts to limit fluctuations in exchange by imposing artificial control on exchange operations, which it described as "futile and mischievous." These recommendations were in accord with the declared policy of His Majesty's Government. In these circumstances, His Majesty's Government is not prepared to adopt my hon. Friend's proposal.

Mr. STEVENS

Is the hon. Gentleman aware that the exchange is only a comparatively small portion of the question? Does he know that the silver question was not considered at all at Brussels, that the question of wages has never been considered, and that the United States of America was not represented at Brussels?

Mr. A. M. SAMUEL

Is the hon. Gentleman aware that the desired result might be equally well attained, instead of placing an artificial value on exchange, by the equally illogical method of calling 30 inches of calico a yard and a ton of steel rails 10 cwt. by international agreement?

Lieut.-Colonel A. MURRAY

Can the hon. Gentleman say whether some of the other recommendations of the Brussels Conference, some of which are very admirable, are still under the consideration of the Government?

Lieut.-Commander YOUNG

Yes. Some of them are under discussion. I do not agree that the sphere of discussion at Brussels was so narrow as has been described. The question of the hon. Member for Fareham (Mr. A. M. Samuel) leads too far for discussion in question and answer.

Sir A. SHIRLEY BENN

May I ask the Prime Minister if he does not think it necessary to take some practical steps to foster markets for the goods which we manufacture?

Mr. KILEY

Is it not clear that the Government do not propose to take any action with regard to equalising the difference of exchange between ourselves and the Dominions?