§ 65. Mr. Craven-Ellisasked the Chancellor of the Exchequer whether, in the interests of the British Commonwealth and Empire and sterling countries, the Government will prepare plans for the establishment of an Imperial or sterling bank as a clearing house of central banks of sterling countries.
§ The Chancellor of the Exchequer (Sir John Anderson)The existing relations between the Bank of England and central banks in other countries of the sterling area are already such as to achieve the purpose which my hon. Friend appears to have in mind and there is in my view no case for considering the establishment 34 of a new institution of the kind which he suggests.
§ Mr. Craven-EllisMay I ask my right hon. Friend if the Bretton Woods proposal for a world bank will supersede the method to which he has referred?
§ Sir J. AndersonCertainly not.
§ 66. Mr. Craven-Ellisasked the Chancellor of the Exchequer whether, in view of the desire of the public generally to know something concerning our monetary and financial mechanism, he will issue a White Paper giving a detailed explanation of how legal tender and cheque money comes into existence, the cost of creating same and what other monetary instruments are created and used in the finance of industry and government.
§ Sir J. AndersonI would refer my hon. Friend to the answer which I gave him when he asked a similar question on 22nd June last.
§ Mr. Craven-EllisIf this matter has not had proper consideration, does not my right hon. Friend think that the people of this country should have some information as to what is the monetary and financial mechanism upon which they will have to rely in the future?
§ Sir J. AndersonI am all in favour of giving the people of this country the information necessary to enable them to form a sound and just appreciation of these matters, but I do not think that it is the function of a White Paper.