HC Deb 21 September 1931 vol 256 c1267

The following Question, stood upon the Order Paper in the name of Mr. WISE:

43. To ask the Chancellor of the Exchequer whether any alternative method was suggested to the New York and Paris bankers for obtaining the dollar credits necessary to protect the exchange on less onerous terms; whether, in particular, the possibility was examined of mobilising dollar and other foreign securities held by British banks, insurance companies, and other large City organisations, to be utilised as security for credits; if so, what was the result; and whether steps are being taken on these lines in readiness for future emergencies?

Mr. WISE

In view of the circumstances, the last two words of the question, instead of reading "future emergencies" should now read "the present emergency."

Mr. P. SNOWDEN

Yes, Sir. The Government naturally reviewed all possibilities of obtaining foreign resources, but the inquiries they made satisfied them that any assistance that could be obtained from mobilising foreign securities would not have materially helped, having regard to the extent and rapidity of the drain on the exchange.

Mr. WISE

In view of the apparently complete failure of the Government's efforts to save the pound, will they not consider whether this proposal should he accepted?

Mr. SNOWDEN

This matter, as I said in the reply to the question, has been and is under consideration.

Lieut.-Commander KENWORTHY

Had not arrangements been made for this mobilisation in case of an election?