§ 75. Mr. JOELasked the Chancellor of the Exchequer what use was made of the gold recovered from the liner "Laurentic," by the Admiralty salvage operations; and in what form this has been dealt with in the national accounts?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Duff Cooper)The value of the gold recovered before October, 1919, was deducted from the initial gross loss of £4,996,317 and only the net loss of £3,675,750 was charged to the Vote of Credit (see the report of the Comptroller and Auditor-General on the Vote of Credit Appropriation Account, 1918–19). The value of the gold recovered and sold after October, 1919, amounting to £3,632,677, was paid to the Exchequer 1039 as Miscellaneous Revenue; these transactions will be found recorded in the Finance Accounts of the years 1920 to 1924. The actual purchaser of the gold on these occasions was the Government's own Exchange Account.