HC Deb 29 January 1948 vol 446 cc1198-9
62. Mr. Molson

asked the Chancellor of the Exchequer whether he will make a statement on the Government's intentions with regard to making a new note issue and, in particular, on making compensation for the existing notes in circulation.

Mr. Glenvil Hall

I would refer the hon. Member to the reply which I gave to my hon. Friend the Member for Dewsbury (Mr. William Paling) on 22nd January.

Mr. Molson

Is the Financial Secretary aware that the Parliamentary Secretary to the Treasury, speaking at Stanley 10 days ago, said that at short notice it might be that a new issue of notes might be placed on the market and all old notes would then be worthless? In view of what the Financial Secretary has said today, will he make representations to the Parliamentary Secretary to inform himself of the policy of the Chancellor of the Exchequer before he makes speeches in the country on financial matters?

Mr. Glenvil Hall

The hon. Gentleman really surprises me. He has been in this House for a considerable time and surely by now he knows the difference between a humorous threat—[HON. MEMBERS: "Oh."]—thrown off during a public speech and a considered statement on Government policy.

Mr. Molson

Is the Financial Secretary aware that I was not present when the right hon. Gentleman spoke and that I did not know it was humorous. I was only able to read the facts as reported in the Press. I am very glad to have elicited this denial.