§ 39. Mr. Stokesasked the Chancellor of the Exchequer how he keeps check of the amount of new money created.
§ The Chancellor of the Exchequer (Sir John Anderson)I do not find it necessary to attempt any such record as my hon. Friend suggests.
§ Mr. StokesBut that is not an answer to my Question. Am I to understand from the Chancellor that he keeps no check on the amount of new money brought into circulation?
§ Sir J. AndersonI keep no such check as my hon. Friend seems to have in mind. If he will study the White Paper, published on Tuesday—which he will find a veritable mine of information—perhaps he will then be good enough to indicate to me just what practical purpose he thinks such a record or check as he has in mind would serve.
§ Mr. StokesBut is the Chancellor aware that competent authorities are of the opinion that something in the order of £1,500,000,000 has been created by the banks since the war began, at little cost to the banks and at great cost to the community? Does he not think it is his responsibility to see how much new money has been created? Surely it b a matter of business.
§ Sir J. AndersonMy hon. Friend referred to "competent authorities," but I am aware that the question of who is a competent authority is also a matter of opinion.