§ 55. Mr. Craven-Ellisasked the Chancellor of the Exchequer whether he will assure the House that before any change is made in the long-term monetary policy outlined in the Ottawa Monetary Report of 1932, and confirmed by the British Empire Currency Declaration issued on 27th July, 1933, an exhaustive inquiry by a commission, upon which agriculture and industry have equal representations with finance, will be held?
§ Sir J. SimonNo alteration such as my hon. Friend has in mind is in contemplation and the question, therefore, does not arise.
§ 56. Mr. Craven-Ellisasked the Chancellor of the Exchequer whether, in view of the fact that the decline in the sterling wholesale price-level this year, and the consequent deterioration in the condition of trade and employment in this country, is largely attributable to the influence of the depression in the United States of America, he will consider to what extent it may be advisable to revise the present policy of maintaining the approximate stability of the sterling-dollar exchange rate with a view to minimising the influence of adverse conditions in the United States of America upon the sterling wholesale price-level?
§ Sir J. SimonI would refer my hon. Friend to the reply given to my hon. Friend the Member for East Bradford (Mr. Hepworth) on 22nd June, 1938.
§ Mr. Craven-EllisMay I ask whether this country has any definite obligation to maintain the pound sterling in relation to the dollar under the Tripartite Currency Agreement?
§ Sir J. SimonMy hon. Friend knows that the effect of the Tripartite Currency Agreement has often been stated, and if he will examine it he will no doubt find the answer.