§ 77. Mr. THORNEasked the Chancellor of the Exchequer the total amount of gold profit that will be handed over to the Treasury by the Bank of England as a direct consequence of the devaluation of the franc following the three-party agreement reached between France, the United States of America, and this country; and for what purpose the money is to be used?
§ The FINANCIAL SECRETARY to the TREASURY (Lieut.-Colonel Colville)The destination of any profit on gold held by the issue department of the Bank of England is governed by Part IV of the Finance Act, 1932, to which I would refer the hon. Member.
§ Mr. THORNEMay I ask whether this devaluation has affected the profit which the Treasury are going to make?
§ Lieut.-Colonel COLVILLEI should require notice of that question. Perhaps the hon. Gentleman will refer to the provisions of the Act which I have quoted.
§ Mr. THORNEI know the provision of that Act. It was an arrangement by the Government and the Treasury in 1931, when we went off the Gold Standard.