HC Deb 01 July 1947 vol 439 cc1136-7
47. Mr. Bossom

asked the Chancellor of the Exchequer the number of dollars that are required by banks in the U.S.A. for an English pound.

The Chancellor of the Exchequer (Mr. Dalton)

Between 4.02¾ and 4.03¼ dollars for immediate delivery.

Mr. Bossom

Is not the Chancellor of the Exchequer aware that if he goes to the Chase Bank in New York, he can buy English pounds for three dollars ten cents at this very moment?

Mr. Dalton

No, Sir. I have given the answer after careful inquiry. All reputable banks, and the Chase National Bank is one such, carefully observe the official prices agreed upon between the Bank of England and the corresponding bodies.

Mr. Bossom

Will the right hon. Gentleman be so good as to make further inquiry on this point, because this is a very unfortunate reflection on conditions in this country?

Mr. Dalton

I think that the most convenient plan, if the hon. Gentleman has evidence which he thinks is in conflict with what I have said, would be for him to supply the evidence; and I will look at it.

Mr. Bossom

I have that evidence.

57. Sir G. Jeffreys

asked the Chancellor of the Exchequer whether he will now consider the desirability of entering into negotiations to establish parity of exchange between the pound sterling and the Australian and New Zealand pound.

Mr. Dalton

No, Sir.

Sir G. Jeffreys

Would it not facilitate the business of exchange if there were parity between our currency and the Dominion currency in question; is it not a fact that it was originally an artificial procedure, when the currency of Australia and New Zealand was depreciated; and, in view of the depreciation of our own currency, would it not be a good thing to regain purity?

Mr. Dalton

I doubt whether it would be to the interests of the United Kingdom for this change to be made. In any event, since the matter has not been raised by either of the two Dominions concerned, I think it would be a mistake for us to initiate this matter.

Captain John Crowder

Is not the right hon. Gentleman aware that only the other day the Minister of Food said that he was unable to buy certain foodstuffs from Australia owing to the shortage of Australian currency; and, in view of the fact that Australia is in the sterling area, would the right hon. Gentleman consider the position further, arising out of the Question asked by my hon. and gallant Friend?

Mr. Dalton

I am not clear that the suggestion of the hon. and gallant Member would assist in this particular matter. Of course, I do not remember the particular point quoted by my right hon. Friend the Minister of Food. Our relations with both Australia and New Zealand are extremely cordial; we have no better friends in the world; we are in constant touch, at a personal level as well as at an official level, and so far this particular matter has not been broached.