§ 48. Mr. BOOTHBYasked the Chancellor of the Exchequer whether he is taking any steps to secure international co-operation in order to economise the use of gold and to regulate its value in terms of commodities, as recommended by the Genoa Conference in 1922?
§ The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)I do not think that any intervention by His Majesty's Government would be judicious. Steady progress is in fact being made towards increased co-operation by central banks, and it may be hoped that the proposed Bank for International Settlements will further this object.
§ Mr. BOOTHBYDoes not the right hon. Gentleman consider that the competition between the central banks of the world for gold reserves is largely responsible for the fall in commodity prices referred to; and, because of that, does he not think it desirable to hold some form of international conference at an early date, so as to get the whole matter put on a satisfactory basis?
§ Mr. SNOWDENThe hon. Member has repeated in his supplementary question my reply to his original question.
§ Mr. BOOTHBYWas it not the right hon. Gentleman's opinion that it was the competition between the central banks of issue that was largely responsible for the fall in commodity prices?
§ Mr. SPEAKERThat is a matter of opinion which cannot be made the subject of question and answer at Question Time.