HC Deb 15 July 1931 vol 255 cc460-1
66 and 67. Mr. R. A. TAYLOR

asked the Chancellor of the Exchequer (1) whether the Government are prepared to introduce any legislation in the present Session of Parliament to amend the currency laws or to alter the existing relationship between the Treasury and the Bank of England;

(2) what steps are being taken by His Majesty's Government to remove the financial handicaps to British overseas trade indicated in paragraphs 395 to 397 of the recent report of the Committee on Finance and Industry?

Mr. P. SNOWDEN

I understand that both these questions spring from the Macmillan Report which has just been published. This report covers an immense field and the subjects which it handles are in many instances of extraordinary complexity and in large measure outside the sphere of action by the Government itself. My hon. Friend would be mistaken if he thought that the Government should, or that they could, form their minds upon these questions in the space of a few days. On the contrary, as has already been indicated in answer to an earlier question, the report deserves and requires prolonged and deliberate study.

Mr. TAYLOR

In view of the fact that this report has been for some time before the Cabinet, and the issues that it raises are of vital urgency, could the right hon. Gentleman say whether an opportunity for Parliamentary discussion of the issues raised by it will be given before the Recess?

Mr. SNOWDEN

That question was answered by the Prime Minister yesterday.

Lieut.-Commander KENWORTHY

Is it not a fact that these matters have been under close scrutiny by my right hon. Friend and his advisers for the last two years, and does not the position which he takes up mean that nothing can be done until October, for example, by way of amending the Bank rate?

Mr. SNOWDEN

This matter has been under the consideration of the committee for about two years.

Lieut.-Commander KENWORTHY

And by you.

Mr. SNOWDEN

No, it appears to be assumed in this question that the Government could come to a conclusion in five minutes.

Mr. TAYLOR

Is it not the case that the Labour party in its appeal to the country at the last election—

Mr. SPEAKER

We really cannot go into the appeals at the last election at Question Time.

Mr. TAYLOR

On a point of Order. The second question refers to the specific problem dealt with in this report, and, as the Government ever since the last election have promised to provide facilities in relation to the problem to which the report refers, I suggest that it has had plenty of time, and ought to be in a position to make a statement before the Recess.

Mr. SPEAKER

That has nothing to do with me.