HC Deb 24 July 1930 vol 241 cc2397-8
55. Mr. MORLEY

asked the Chancellor of the Exchequer what steps he proposes immediately to arrive at an international agreement for rationing and economising the use of gold in order to stabilise its value in relation to commodity prices?

The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)

The causes of the fluctuations in the value of gold are under consideration by a delegation of the Financial Committee of the League of Nations which is expected to make a report to the Council of the League in September. They will also, I have no doubt, be considered by the Committee on Finance and Industry. The question whether further action should be taken in the direction indicated by my hon. Friend must, I think, await the reports of these bodies.

Mr. MORLEY

Will the right hon. Gentleman make representations to the forthcoming Imperial Conference with a view to rationing and economising gold?

Mr. SNOWDEN

I do not think that that falls within the province of the Imperial Conference. It is not a matter that is confined to the British Empire; it is wholly international.

Mr. WAROLAW-MILNE

Is it not a very suitable subject for discussion at the Imperial Economic Conference? Will the right hon. Gentleman at the same time say whether he expects the report of the Committee to which he has referred to be available for that Conference, considering that the Committee has now been sitting for nine months?

Mr. SNOWDEN

In regard to the reference of this matter to the Imperial Conference, I cannot add anything to what I said in reply to the supplementary question. My hon. Friend asked that we might do whatever might be possible to arrive at an international agreement for the rationing of gold, and as I have said it is an international question. In regard to the second part of the question, I have answered quite a number of questions within the last week or two upon that point, and I cannot say when the report will be available.

Mr. ARTHUR MICHAEL SAMUEL

Is the right hon. Gentleman going to pay no attention to the Genoa Conference and the Brussels Conference?