§ 50 and 54. Mr. Bossomasked the Chancellor of the Exchequer (1) if he has now considered the evidence sent him of the price at which the pound sterling could be bought at the Chase National Bank in New York; and if he will make a statement;
(2) if he will instruct his representatives to go to a national bank in New York, Brussels and Berne and ascertain at what price English £'s can be purchased in terms of the national currency and not on the so-called pegged rate of exchange; and if he will report the result of these inquiries to the House.
§ Mr. DaltonThe evidence which the hon. Member has sent me refers to the price of sterling notes abroad, whereas my answer to him last Tuesday referred to the price of sterling on bank accounts, in which the vast majority of transactions are settled. The price of sterling notes abroad is usually below the official- rate, because, except for the £20 allowed to travellers, these notes may not legally leave or enter the United Kingdom.
§ Mr. BossomI can see the Minister's point, but would he in future place in 2029 the Statistical Digest the price which anyone has to pay for an English pound in the places I have named, according to the bank and also in the black market, because there is a great reflection on our credit with the rest of the world if that is allowed to go on without an answer from the Chancellor.
§ Mr. DaltonNo, Sir, I would rather not publicise this information, which is in our hands, of course, because it might put ideas into the heads of people who otherwise might not think it worth while to purchase British sterling notes abroad. I think that if the hon. Gentleman thinks it over, he will realise that it would not be very advantageous.
§ Mr. J. FosterIs the Chancellor aware that, as I understand it, it is quite legal for a non-resident coming into this country to have a certain amount of pound notes, and that these are quite legitimately acquired at a discount rate?
§ Mr. DaltonI said nothing to the contrary.