§ 39. Mr. CRAVEN-ELLISasked the Chancellor of the Exchequer if he is aware that in 1847, 1857, 1866, 1914, and 1931 the Government had to come to the rescue of banks and relieve them of their obligations under their contracts with the public; and, in view of this, will he assure the House that this country will not return to the gold standard system?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Hore-Belisha)The answer to the first part of the question is in the negative. At the outbreak of the World War in 1914 the banks, along with the rest of the community, were accorded the benefit of a temporary moratorium, but on no other occasion has even temporary relief been granted to the banks from their obligations under their contracts with the public.
With regard to the prospects of a return to the gold standard, I have nothing to add to the statements on the subject already made on behalf of the Government.