HC Deb 09 November 1933 vol 281 cc317-8
60. Colonel WEDGWOOD

asked the Chancellor of the Exchequer what steps he is taking or proposes to take to prevent the pound sterling rising above dollar parity?

Mr. CHAMBERLAIN

I think a more correct description of the position would be that the dollar had fallen below parity with the pound; the circumstances in which this has happened are well known.

The general policy of His Majesty's Government to maintain for the present the independence of sterling has been explained on several occasions, particularly in the resolutions approved by the Empire delegations at the conclusion of the World Conference.

Colonel WEDGWOOD

What is independence? Does it mean that it shall be independent of the dollar and tied to the franc?

Mr. CHAMBERLAIN

No. Independence means what it says.

Colonel WEDGWOOD

Independent of what?

Mr. CHAMBERLAIN

Independent of any other currency.

Sir W. BRASS

Does not the right hon. Gentleman think that it is very much better to let the dollar go where it likes and not try to tie it to the £?

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