HC Deb 09 November 1936 vol 317 cc511-2
77. Mr. THORNE

asked 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.


May I ask whether this devaluation has affected the profit which the Treasury are going to make?

Lieut.-Colonel COLVILLE

I should require notice of that question. Perhaps the hon. Gentleman will refer to the provisions of the Act which I have quoted.


I 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.

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