FINANCE AND INDUSTRY. (Hansard, 10 September 1931)

§ 13. Mr. MORLEY
asked the Chancellor of the Exchequer what steps the Government proposes to take to give effect to the recommendation of the Macmillan Committee that this country should seek as its objective in monetary policy the raising of the international price level and its stabilisation at a reasonable level?

§ 39. Lieut.-Commander KENWORTHY
asked the Prime Minister whether it is proposed to act on any of the recommendations of the Macmillan Committee on Finance and Industry?

43. Mr. MACLEAN
asked the Prime Minister if the Cabinet has considered the report of the Committee on Finance and Industry; whether any of the recommendations are to be adopted; and, if so, which?

§ The FINANCIAL SECRETARY to the TREASURY (Major Elliot)
The main recommendations of the Macmillan Committee are concerned with the general aims of monetary policy, in concert, of all the great nations, rather than with concrete proposals for immediate action by this country. The recommendations regarding the regulation of the note issue would, of course, require legislation. The Committee do not represent this as urgent, and I do not think that, in the present conjuncture of events, it would be desirable to propose an alteration in the law. The remaining recommendations of the committee, such as the possibility of improving facilities for raising domestic capital and the collection of more comprehensive statistical information, will be pursued, so soon as time is available.

§ Mr. COCKS
Do I understand that the Chancellor of the Exchequer is not interested in money?

§ Major ELLIOT
The hon. Member would be very incorrect in assuming any-thing of the kind.

§ Lieut.-Commander KENWORTHY
Do I understand the hon. and gallant Gentleman to say that these matters are not urgent still in the view of the Treasury, in view of what has happened recently; and are no steps being taken in the international field to deal with this matter?

§ Major ELLIOT
The hon. and gallant Member must not understand anything of the kind.

§ Lieut.-Commander KENWORTHY
What is being done in the international field? These matters are vital to the discussion.

Mr. MACLEAN
Will the hon. and gallant Gentleman reply to my question, as to whether the Cabinet have yet considered the report of the Committee on Finance and Industry?

§ Major ELLIOT
The Cabinet have had it, under consideration.

Mr. MACLEAN
Have they considered any of its recommendations, and what action do they intend to take upon it?

§ Major ELLIOT
That question is answered in the reply that I have just given.

§ Mr. WISE
Is it not the case that the Macmillan Committee drew attention to the weak position of the Bank of England in regard to the possible withdrawal of short-term deposits from London, and urged a mobilisation of securities with a view to meeting such a crisis as has in fact arisen?

§ Major ELLIOT
It will be within the hon. Member's recollection that the Committee actually stated that the position of this country was immensely strong. [Interruption.]

§ Mr. WISE
rose—

§ Mr. SPEAKER
That is more a matter for debate.

§ Mr. WISE
On a point of Order. Am I not entitled to put a supplementary question elucidating the answer which has been given, which avoids the issue that I am putting?

§ Mr. SPEAKER
The hon. Member has put his supplementary question, and the Minister has indicated that he cannot give any further answer.

HON. MEMBERS
Send for the Chancellor of the Exchequer!

§ 25. Mr. W. J. BROWN
asked the President of the Board of Trade what action he proposes to take in regard to paragraph 418 of the Macmillan Report dealing with the work of the Census of Production Office?

§ The PRESIDENT of the BOARD of TRADE (Sir Philip Cunliffe-Lister)
I would refer the hon. Member to the reply that has just been given by my hon. and gallant Friend the Financial Secretary to the Treasury.

§ Mr. BROWN
Is the Minister aware that this paragraph relates to a certain point affecting the staff of a different Department? Cannot we have a reply upon that?

§ Sir P. CUNLIFFE-LISTER
The part of the reply that relates to that consideration is that the recommendations of the Committee with regard to the collection of more comprehensive statistical information will be pursued as soon as time is available from more immediately urgent problems. With regard to the 1930 census, steps were taken before the Committee reported to ensure that it would be available more expeditiously and collected more economically.

Mr. MACLEAN
Was not the reply of the Financial Secretary that the Macmillan Committee's Report was that this country was in a strong position, and will he bring this point of view before the Cabinet and put the recommendations into operation?

§ Sir P. CUNLIFFE-LISTER
I should be out of order in dealing with that. I am being asked about the Census of Production.