§ 99. Mr. MORLEYasked the Chancellor of the Exchequer if the proposed new International Bank, in consultation with affiliated national banks, will have power to ration the world's gold supply between different nations?
§ The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)The operations which may be undertaken by the Bank for International Settlements are shown in Article 22 of its Statutes, which will be presented to Parliament very shortly as an Annex to the Agreement with Switzerland signed at The Hague last month. It may be hoped that the establishment of the bank will enhance the opportunities for co-operation between the central banks and thus conduce to greater economy in the use of gold.
§ Mr. MORLEYWill the Treasury have any control over the action of the Bank of England in relation to the International Bank and the rationing of gold?
§ Mr. SNOWDENThe Statutes are very long and somewhat intricate and complicated, and I would suggest that the hon. Member should await the publication of the Agreement.