HC Deb 28 June 1933 vol 279 cc1480-1
30. Mr. MABANE

asked the Chancellor of the Exchequer what is the present nominal loss per cent. made by the Issue Department of the Bank of England on gold purchased for the Exchange Equalisation Account; whether that loss is made good to the Issue Department from the funds of the Ex- change Equalisation Account; and whether credit is taken by the Exchange Equalisation Account for the gold held on its behalf by the Bank of England at the current day-to-day price?


No loss is incurred by the Issue Department of the Bank of England in consequence of the purchase of gold for the Exchange Equalisation Account. Where gold is purchased or sold on account of the Issue Department itself, the accounting arrangements are governed by the terms of Section 25 of the Finance Act, 1932, to which I would refer my hon. Friend.

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