§ 51. Mr. Craven-Ellisasked the Chancellor of the Exchequer whether he will give an assurance that the Government continues to be committed to the British currency declaration, of July, 1933; and will he give an undertaking that no material change will be made in the terms of the declaration without this House being consulted.
§ Sir J. AndersonAs stated by my predecessor on 11th March, 1943, in reply to a Question by my hon. Friend, the British Empire Currency Declaration of July, 1933, could not, without material modification, be regarded as applicable to the facts of the present ime. In reply to the second part of the Question, I have on several occasions stated that no decisions in regard to post-war monetary policy will be reached without full discussion in this House.
§ Mr. Craven-EllisAre we to understand from that reply that the currency declaration is only suspended?
§ Sir J. AndersonThe House is to understand exactly what I said.
§ Mr. StokesAre we to understand that there has not already been a merging of minds in America on this matter?
§ Sir J. AndersonThat is not in the Queston.
§ 53. Mr. Craven-Ellisasked the Chancellor of the Exchequer if we are still committed to the Tripartite Agreement of September, 1936, since France, one of the parties to the agreement, capitulated.
§ Sir J. AndersonThe so-called "Tripartite Agreement" of September, 1936, took the form of parallel statements issued simultaneously by His Majesty's Government, the United States Government, and the French Government. In the British statement H.M. Government pointed out that they must in their policy towards international monetary relations take into full account the requirements of internal prosperity of the countries of the Empire. The statement then re-affirmed the purpose of H.M. Government to continue the policy previously pursued
one constant object of which is to maintain the greatest equilibrium in the system of international exchanges and to avoid to the utmost extent the creation of any disturbance of that system by British monetary action.The statement went on to express the conviction of H.M. Government thatthe continuation of this twofold policy will serve the general purpose which all Governments should pursue.I think the above principles hold good in the circumstances of the present time and they will continue to govern our policy.
§ Mr. Craven-EllisIs it not a fact that under this tripartite agreement the United States deliberately kept the dollar undervalued at the expense of British exports? In these conditions should the agreement not be terminated?
§ Sir J. AndersonThat is the sort of question that ought to be seen on the Paper.