§ 30. Mr. COCKSasked the Chancellor of the Exchequer whether the action of the Government at the present time is being directed to preventing sterling from rising or to prevent it from falling?
§ Major ELLIOTMy right hon. Friend the Chancellor of the Exchequer has on several occasions submitted to the House his decided view which I think met with general approval that no useful purpose would be served but that on the contrary harm might be done by Parliamentary statements upon the day to day policy pursued with regard to the sterling exchange. For the general trend of Government policy I would refer the hon. Member to the statements which have been made in the House on behalf of His Majesty's Government as to the objectives which they have in mind.
§ Colonel WEDGWOODIs the Bank responsible for purchases and sales of sterling or is the Treasury still responsible?
§ Major ELLIOTThe Bank act as expert managers on behalf of the Treasury.