§ 47. Mr. WISEasked the Chancellor of the Exchequer by what amount the capital value in pounds of the National Debt has been diminished in the last seven years ended March, 1931, and by what amount it has been increased by the recent borrowing undertaken to maintain the gold value of the pound, assuming dollars and francs at their average exchange value in London on 25th September, 1931?
§ Mr. P. SNOWDENThe answer to the first part of the question is £228 millions. With regard to the second part, as I stated in reply to the right hon. and gallant Gentleman the Member for Newcastle-under-Lyme (Colonel Wedgwood) on the 24th September, there is no question of any real loss since the liabilities in gold currencies are covered by holdings in actual gold.
§ Mr. WISEWill the Chancellor of the Exchequer say by what amount national indebtedness has been increased? What were the gold reserves before the credits were obtained?
§ Mr. SNOWDENThat is no part of the question on the Paper. My reply to that is covered in the reply to the right hon. and gallant Member for Newcastle-under-Lyme (Colonel Wedgwood).
§ Lieut. - Commander KENWORTHYWill the right hon. Gentleman explain this: When we borrow pounds sterling and have to repay when there is a deterioration in the pound, how can there be no loss? [Interruption.]
§ Mr. WISEIn view of the importance and the uncertainty of the details of these transactions, is the Chancellor prepared to lay papers setting out exactly the contracts and correspondence in which the Government have engaged?
§ Mr. SNOWDENCertainly not.
§ Mr. WISEIn view of the extremely unsatisfactory nature of the replies given, I beg to give notice that I shall raise this matter again on the earliest possible occasion.