HC Deb 28 May 1936 vol 312 cc2186-7
46. Mr. POTTS

asked the Chancellor of the Exchequer whether he will state the National Debt of the United Kingdom for the year 1930–31 and each respective year up to the latest available date?

Mr. W. S. MORRISON

With the hon. Member's permission, I will circulate in the OFFICIAL REPORT a table which includes the figures asked for.

Mr. H. G. WILLIAMS

Is not all this information contained in the Financial Statement, and in the Statistical Abstract for the United Kingdom?

Following is the table:

dealings in gold for non-commercial purposes and on speculative forward exchange transactions?

Mr. W. S. MORRISON

There has been no alteration recently in the state of affairs which has prevailed for a considerable time past. The market is well aware that the authorities do not regard with favour non-commercial transactions of a type which increase the risk of currency manipulation and of speculative excesses. So far as I am aware, the market as a whole is in agreement with this attitude.

Mr. BOOTHBY

Is it not very desirable that, in the interests of the position of the City of London, all markets should be kept as free as possible?

Mr. MORRISON

It is desirable that markets should be kept free, but this particular form of transaction is one which the market, I think on the whole, agrees ought to be to some extent restricted.

48. Mr. BOOTHBY

asked the Chancellor of the Exchequer on what grounds bullion brokers have been requested to refrain in future from buying gold coins at a premium compared with their metallic value and from selling gold coins for hoarding purposes?

Mr. MORRISON

The request was made to reduce opportunities for hoarding. There is no hoarding of gold coins by people in this country, and it is not in the general interest that our market should offer facilities to enable foreigners to indulge in the practice.

Mr. BOOTHBY

Surely this request must have been made at the instance of the Bank of France. It does not affect us, but is it not another instance of restriction upon a free market and, before any further restrictions are imposed, will the Treasury give some information to this House, because it is getting rather serious?

Mr. MORRISON

I will only deny the hon. Member's assumption that this request was made at the instance of any foreign authority. It was not.