HC Deb 15 February 1933 vol 274 cc998-9
45. Colonel WEDGWOOD

asked the Prime Minister whether he will give an opportunity for the discussion of the Motion on the Paper standing in the name of the right hon. and gallant Member for Newcastle - under - Lyme (Colonel Wedgwood) relating to the effects of the rise in the value of the pound sterling: That, in the opinion of this House, the rise in the value of the pound sterling is having a bad effect on our export trade, a bad effect upon our Dominions and other countries in the sterling convoy which are now slipping off sterling, and a bad effect on the book profits of the Exchange Equalisation Fund; that His Majesty's Government's embargo on free export of sterling capital, an export which must translate itself into British manufactured goods, is part cause of the rise in sterling; that a removal of the embargo would cause the pound to fall; and that this restriction on the free movement of goods and capital should be removed.

The PRIME MINISTER

I regret, but it does not appear to be necessary to give any special facilities.

Colonel WEDGWOOD

Can the right hon. Gentleman explain to the Chancellor of the Exchequer the inconsistency between preventing a rise in sterling by selling sterling and buying gold, and encouraging a rise in sterling by maintaining the embargo on the export of gold?

The PRIME MINISTER

No, Sir.

Mr. MAXTON

Arising out of the original reply, in which the right hon. Gentleman said that no special facilities would be granted for a discussion on this important subject, will he say what facilities will be available apart from special facilities?

The PRIME MINISTER

There are various occasions when discussion on this matter would be in order.

Colonel WEDGWOOD

Does the right hon. Gentleman appreciate the disastrous effects on the trade of this country that the rise of sterling is having?

Mr. DEPUTY-SPEAKER

The right hon. and gallant Gentleman must not attempt to raise a discussion now.