§ 44. Mr. MUNRO (for Mr. JARDINE WHYTE)
asked the Chancellor of the Exchequer if his attention has been drawn to the fact that during the recent fall of the pound world commodity prices, including the price of American products, have kept pace with that fall, indicating that these prices are based on sterling and that sterling is being recognised as the real medium of exchange of commodities; and if he will direct the attention of his advisers to this, with instructions to them to explore the possibility of basing the Empire currency on a medium other than gold?
I am not aware of any statistics which suggest that apart from special cases world commodity prices have kept pace with the recent depreciation of sterling, and I cannot therefore accept the implication in my hon. Friend's question. As regards the last part of the question, I would refer my hon. Friend to the statement which I made on the currency discussion at Ottawa.