§ 48. Mr. Sparksasked the Chancellor of the Exchequer why the farthing is retained in our coinage and currency system; and if he will now abolish this unit.
§ Mr. GallacherOn a point of Order, Mr. Speaker. May I ask you to prohibit any reference to Scotland in the answer?
§ The Chancellor of the Exchequer (Mr. Dalton)Milk, bread and many other commodities are often bought in amounts which require the use of a farthing—in Scotland, as elsewhere. Its abolition, which I do not recommend, would probably mean an increase by a farthing in many prices—and this applies to Scotland also.
§ Mr. SparksMay I ask my right hon. Friend whether, in view of the depreciated value of the farthing today—compared, for instance, with what it was 50 years ago—and the general inconvenience in commercial calculations which this very low coin involves, there is not really a case for abolishing this very small coin?
§ Mr. DaltonI do not agree at all. If my hon. Friend is speaking on behalf of the retail traders, I may say that they do dislike the farthing and would like what they call the rounding up of prices, which 229 is to say the increase by one farthing of, for example, the i lb. loaf which costs 2¼d., the half pint of milk which costs 2¼d., the individual ration of butter which costs 2¼d., and so on, but we are in favour of holding the cost of living stable.