HC Deb 11 March 1947 vol 434 cc1129-31
52. Mr. C. S. Taylor

asked the Chancellor of the Exchequer whether his attention has been drawn to the fact that 1,500,000 ounces of silver are being brought from the U.S.A. in the "Queen Elizabeth"; and if he will state the reason for this shipment, in view of his action in withdrawing silver coinage so that the silver may be sent to the U.S.A. in settlement of the wartime loan of silver by the U.S.A.

Mr. Dalton

Yes, Sir. This is for industrial and export purposes.

Mr. Taylor

What exactly does that answer mean when it refers to industrial and export uses? Is it a fact that we are importing silver from America?

Mr. Dalton

It means that the silver we are importing is used, in part, for silver goods that are used in this country, and, in part, for silver goods exported from this country. At the present time, we are gradually recovering silver from the coin age, but that is necessarily a very slow process and does not yield the amount of silver that is required for current industrial purposes, including the export trade.

Sir Stanley Holmes

Will the Chancellor make sure that the appropriate trade union of the dockers at Southampton will not refuse to handle these goods?

Colonel Crosthwaite-Eyre

Can the Chancellor say how much of this silver is for export to India? Is it not a fact that we are paying dollars for silver for export to India, and that it is then paid back by the liquidation of sterling balances?

Mr. Dalton

Perhaps the hon. and gallant Gentleman will put down a Question on that specific point.

Colonel Crosthwaite-Eyre

But is it not true?

Mr. Dalton

If the hon. and gallant Member will put down a Question, I will find out if it is true.

Mr. Taylor

is it not a fact that, during the Debate on the Coinage Bill, the Chancellor of the Exchequer said that he was trying to save silver to export to America in settlement of wartime loans, and is it a fact that we are now importing silver from America? Is it a different kind of silver?

Mr. Dalton

Silver is silver. Cupronickel might look like silver, but is, in fact, different. There is really no difficulty. about this. We need silver currently for industry and exports, and we are not able to get the amount of silver that we need currently for these purposes from the coinage, because we are only slowly replacing the silver coinage with cupronickel. As this extraction is not enough for our needs, we therefore meet those needs from abroad.

Mr. Taylor

In view of the unsatisfactory nature of the reply, I beg to give notice that I will raise this matter on the Motion for the Adjournment.