§ 45. Mr. HAMMERSLEYasked the Chancellor of the Exchequer whether, in view of the fact that the pound has depreciated approximately 30 per cent. while the fiduciary issue has increased by less than 6 per cent., he will consider taking the necessary steps to increase the fiduciary issue in order to provide an ample supply of currency for the increased employment which is expected to result from the operation of the Import Duties Act?
Mr. CHAMBERLAINI would refer my hon. Friend to the reply given to a similar question by the hon. Member for Southampton (Mr. Craven-Ellis) on 1st December last.
§ Mr. HAMMERSLEYIs my right hon. Friend aware that since 1928 the amount of currency in circulation has been reduced by over £50,000,000; and does he appreciate the fact that, if we are to provide more employment, we shall have to provide more wages, and that, in order to do that, we shall have to increase the amount of currency; and, in view of these facts, is it not desirable that the fiduciary issue should be increased?
Mr. CHAMBERLAINThat is not entirely the question which the hon. Member put in the first instance, but he can be assured that these matters are being carefully watched.
§ Mr. DAVID MASONDoes the right hon. Gentleman not contemplate reducing the fiduciary issue, so as to raise still further the value of the pound?