§ 57. Mr. PETHERICKasked the Chancellor of the Exchequer if he can make any statement with regard to the position of the Exchange Equalisation Fund?
§ Mr. HORE-BELISHAI am not clear what kind of statement my hon. Friend has in mind. If he has in mind the financial position of the fund, it has been explained in debate on several occasions that my right hon. Friend cannot undertake to publish such information for reasons of public interest. If he has in mind the purpose of the Exchange Equalisation Fund, it is, as has been frequently stated, to correct temporary fluctuations in the exchange value of sterling and not to create an artificial value for sterling.
§ Mr. PETHERICKCan my hon. Friend say whether there still remains a profit on the fund, as there is considerable anxiety about it?
§ Mr. HORE-BELISHANo. I have indicated that it would not be in the public interest to make any statement about this matter.
§ Mr. PETHERICKIs it correct for me to say that the Chancellor of the Exchequer has previously stated on at least one occasion that there was a profit on the fund, and, therefore, cannot the same statement or the reverse be made now?
§ Mr. HORE-BELISHAI think my hon. Friend has in mind the occasion when my right hon. Friend asked the House to increase the appropriation for this purpose. He did then say that there was no loss on the fund.
§ Mr. MAXTONDoes that remain true? Can the hon. Gentleman go the length of assuring us that the fund is still there?
§ Mr. HORE-BELISHAYes, the fund is still there.