§ 71. Mr. MABANEasked the Financial Secretary to the Treasury what is the value, stated in terms of the current market price of gold, of the gold stocks held by the Bank of England on their own account and on account of His Majesty's Government, respectively?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. W. S. Morrison)As my hon. Friend is no doubt aware, gold held in the Issue Department of the Bank of England is valued, under Section 25 of the Finance Act, 1932, at 77s. 10½d. per standard ounce. The amount shown 39 in the Bank's statement of last week as held on 15th July, if valued at the day's market rate, would be £377,945,900.
§ Mr. THORNEWho are the gentlemen who meet every morning and settle the selling price of gold?
§ Mr. MABANEAre we to take it that the answer refers solely to stocks of gold held by the Bank of England on their own account, and does not include stocks of gold held on account of the Government?
§ Mr. MORRISONThe answer refers to gold held in the Issue Department. I understand that the figure shown in the return of the Banking Department—as distinct from the Issue Department—under the heading "Gold and Silver Coin" relates at the present time almost entirely to silver coin.