§ 47. Colonel Wedgwoodasked the Chancellor of the Exchequer with reference to the 100,000,000 ounces of gold in the Exchange Equalisation Account and Issue Department of the Bank of England on 31st March last, whether he is able to give the comparable quantities held in the United States of America?
§ Sir J. SimonThe gold reserves of the United States of America on 31st March last amounted to about 331,000,000 fine ounces, of which about120,000,000 ounces represented the net addition since September, 1931.
§ 48. Colonel Wedgwoodasked the Chancellor. of the Exchequer whether he will let the House know when the gold held by the Exchange Fund and in the Issue Department of the Bank of England exceeds 150,000,000 ounces?
§ Sir J. SimonAs indicated in the statement which I made on 28th June in the Debate on the Exchange Equalisation Account Money Resolution, I am proposing that our gold holdings should in future he made public, three months in arrear, on two occasions in the year. I am not prepared to vary this arrangement.
§ Colonel WedgwoodAre we to understand that the Treasury or the Exchange Equalisation Fund can buy gold up to more than 120,000,000 ounces, without the public and this House knowing anything about it?
§ Sir J. SimonThe authority has been given by the Act of Parliament as the right hon. and gallant Gentleman knows, but I think the information I propose to give is well understood and generally accepted.
§ Colonel WedgwoodWhat I want to know is whether there is no upper limit to the amount that can be bought?