HC Deb 22 September 1931 vol 256 cc1460-1
62. Mr. R. A. TAYLOR

asked the Chancellor of the Exchequer if any further steps have been taken by His Majesty's Government to prevent the purchase of foreign currencies by British subjects resident in Great Britain for purposes other than those of trade or similar approved objects?


The Treasury have to-day made an Order under Section 1 (3) of the Gold Standard (Amendment) Act, 1931, that until further notice purchases of foreign exchange, or transfers of funds with the object of acquiring such exchange directly or indirectly, by British subjects or persons resident in the United Kingdom shall be prohibited except for the purpose of financing

  1. (1) normal trading requirements,
  2. (2) contracts existing before 21st September, 1931,
  3. (3) reasonable travelling or other personal purposes.
I am glad to say that the British banks and foreign banks in London are willingly co-operating in making this Order operative.


Has my right hon. Friend any information as to the amount of money that has been exchanged by British nationals, apart altogether from the requirements of trade and other purposes?


I would refer the hon. Member to what I said on that point in my speech yesterday.


Is the right hon. Gentleman alive to the fact that an embargo on foreign loans, or a prohibition of the purchase of foreign stocks, hits the export trades of this country at the same time as is affects sterling?


I think I am fairly well aware, if I may say so, of all the relevant facts.

Miss LEE

Is the right hon. Gentleman aware that there is a great deal of talk in all circles about the amount of national money that was transferred, and could he give a more circumstantial reply, instead of a mere negative?


I would advise the hen. Member not to pay attention to wild statements.