§ 70 and 88. Mr. CRAVEN-ELLISasked the Chancellor of the Exchequer (1) whether it is his intention to proceed with the development of a national monetary policy without seeking the cooperation of the United States and France;
(2) if it his intention to suggest the framing of an Empire monetary policy as an item for discussion at the Imperial Conference to be held at Ottawa in 1932?
Mr. CHAMBERLAINI would refer the hon. Member to the answer given by the Prime Minister to the lion. Member for Colchester (Mr. O. Lewis) on the 12th November.
§ Mr. HAMMERSLEYIs it not a fact that while we are off the Gold Standard, we are in fact operating on a national monetary policy?
§ 71. Mr. LECKIEasked the Chancellor of the Exchequer whether, in view of the continued decline in sterling, he can reassure the House and the country that steps are being taken to cope with the problem of the international exchange?
§ 87. Mr. JOHNasked the Chancellor of the Exchequer what steps he has taken, or proposes to take, under the Gold Standard (Amendment) Act, 1931, to protect the pound from further depreciation?
Mr. CHAMBERLAINI understand that the weakness of the exchange during recent weeks is ascribed primarily to factors abroad, which are not within our control, coinciding with heavy seasonal and other demands for imports. I see no reason to view recent movements with apprehension.
§ 81. Mr. HANNONasked the Chancellor of the Exchequer whether he will be in a position to make a statement before the House adjourns for the Recess on any measures contemplated by the Government to bring about either an international agreement or an inter-Imperial agreement relating to currency?
Mr. CHAMBERLAINThe suggestions made by my hon. Friend cover questions which are constantly under my attention, but I do not anticipate that I shall be in a position to make any such statement in the near future.
§ Mr. HANNONWill my right hon. Friend be prepared to make a statement on the resumption of the House after the Recess?
§ Mr. BOOTHBYWill it be on the Agenda for the forthcoming Imperial Conference?
§ 36. Mr. HAMMERSLEYasked the Chancellor of the Exchequer whether the Government is prepared to co-operate in any international scheme to broaden the metallic basis of currency?
Mr. CHAMBERLAINI would refer the hon. Member to the reply given to the hon. and gallant Member for North-East Bethnal Green (Major Nathan) on the 26th November.
§ Mr. HAMMERSLEYDoes not my right hon. Friend appreciate the fact that a lack of world-purchasing power is one of the main causes of our present economic position, and would it not be desirable for our Government to take some action in the matter?
Mr. CHAMBERLAINIf the Government can see any prospect of any useful result following upon an international conference no doubt they will take action.
§ Mr. AUSTIN HOPKINSONWould not much the simplest way of increasing purchasing power be to reduce weights and measures all round?
§ 90. Mr. CHARLES BROWNasked the Chancellor of the Exchequer whether any steps have been taken to control the purchase of foreign exchange under the powers given to the Treasury, and the nature of such steps?
Mr. CHAMBERLAINOn the 22nd September the Treasury made an Order under Section 1 (3) of the Gold Standard 1248 (Amendment) Act, 1931, that until further notice purchases of foreign exchange, or transfers of funds with the object of acquiring such exchange directly or indirectly, by British subjects or persons resident in the United Kingdom were prohibited except for the purpose of financing normal trading requirements, contracts existing before 21st September, 1931, or reasonable travelling or other personal purposes.