HC Deb 17 February 1931 vol 248 cc1060-1
52. Captain PETER MACDONALD

asked the Chancellor of the Exchequer whether, in addition to the sum of £26,000,000 left over as a result of wartime financial operations and included under miscellaneous revenue, there is any balance of the account in New York which was used for pegging the dollar exchange; what is that balance; and is it available for budget purposes?

Mr. P. SNOWDEN

If the hon. and gallant Member has in mind the Exchange Account I would refer him to paragraph 66 of the report of the Comptroller and Auditor-General on the Civil Appropriations Accounts for 1929 and to the reply which I gave to the late Sir Laming Worthington-Evans on the 5th February.

Mr. SMITHERS

Can the right hon. Gentleman say, in answer to the last part of the question, whether that balance is available for Budget purposes?

Mr. SNOWDEN

Of course, the only reply I can give to that question is that I cannot anticipate my Budget statement.

Sir WILLIAM MITCHELL-THOMSON

Is this £26,000,000 a cash reserve?

Mr. SNOWDEN

Does the right hon. Gentleman mean held in bullion?

Sir W. MITCHELL-THOMSON

No, in liquid securities.

Mr. SNOWDEN

Yes, in liquid securities.

Lieut. - Commander KENWORTHY

May I ask how it was that this sum escaped the right hon. Gentleman's predecessor?