HC Deb 17 February 1931 vol 248 cc1063-4
57. Mr. SMITHERS

asked the Chancellor of the Exchequer whether, in view of the recommendation of the Foreign Relations Committee of the Senate of the United States of America for restoring the price of silver, he has received an invitation from the American Government to attend a conference; and what action His Majesty's Government intend to take in the matter?

Mr. P. SNOWDEN

The answer to the first part of the question is in the negative, and accordingly the second part does not arise.

Mr. SMITHERS

In view of the world interest which is now being taken in the price of silver, will not the right hon. Gentleman take every opportunity to consult with other nations about any arrangements being made, so that Great Britain shall not be left out when a decision is come to?

Mr. SNOWDEN

I do not think it is for the British Government to take the initiative in a matter like this. That ought to rest with other countries, who have a far greater interest than we have in this matter; but, of course, if there is any international conference, we shall consider our position.

Sir H. SAMUEL

Does not the right hon. Gentleman recognise that the Lancashire cotton trade has an immense interest in this matter?

Mr. SNOWDEN

Of course, this is highly debatable and technical matter, but I think our position in regard to the silver question is sometimes over-emphasised.

Sir W. MITCHELL-THOMSON

Can the right hon. Gentleman say whether there is any prospect of this question being examined by the League of Nations?

77. Sir W. DAVISON

asked the Financial Secretary to the Treasury, in view of the recent fall in the value of silver, which handicaps the purchase by silver-using countries such as India and China of goods manufactured in this country, the cost of production of which is based on the value of gold, what action the Government contemplate to deal with this handicap to British industry?

The FINANCIAL SECRETARY to the TREASURY (Mr. Pethick-Lawrence)

I would refer the hon. Member to the answer which my right hon. Friend the Chancellor of the Exchequer gave to the Noble Lord the Member for the Harborough Division (Earl Castle Stewart), on the 29th January, and to the answers to supplementaries which he has given to-day.

Sir W. DAVISON

Have not the circumstances greatly changed, now that silver is 1s. an ounce?