HC Deb 06 December 1949 vol 470 cc1699-701
42. Mr. Osborne

asked the Prime Minister if the statement of the Chancellor of the Exchequer, made at Bristol on Sunday, 27th November, that the Government had to step in at the right moment to stop the fall in gilt-edged securities, represents the Government's policy to maintain Government securities on a 3 per cent. basis.

The Lord President of the Council (Mr. Herbert Morrison)

I have been asked to reply. The statement made by my right hon. and learned Friend was a statement of fact from which the hon. Member is at liberty to draw his own conclusions.

Mr. Osborne

Do I take it from that answer that the Prime Minister agrees with the Chancellor of the Exchequer that the sharp fall in gilt-edged securities was because the majority of the Press set out to mislead and confuse the people of this country?

Mr. Morrison

I am a little bit apprehensive as to how far I had better get into questions involving the Press in this House.

Mr. John Lewis

Has not a Government broker operated in the market during the whole period that the Stock Exchange has been in existence?

Captain Crookshank

Is it not very odd that the Lord President should reply on behalf of the Prime Minister about a question relating to the Chancellor of the Exchequer when the Chancellor himself might have replied instead?

Mr. Morrison

That is a little odd, too, in view of the fact that the Question was put down for the Prime Minister. If the right hon. and gallant Gentleman wishes to correct his hon. Friend and tell him that he should address the Question to another Minister, he might do it privately and not in public.

Captain Crookshank

No, Sir. The Prime Minister could decide who should reply for him in his absence. As the Chancellor of the Exchequer is here, he himself might have answered.

Mr. Morrison

Again the right hon. and gallant Gentleman is wrong. It is quite customary for me to answer in the absence of the Prime Minister.

Captain Crookshank

Now we know.

Sir W. Smithers

May I ask the Lord President of the Council if, in view of the fact that when the right hon. Gentleman the Chancellor of the Duchy of Lancaster was Prime Minister—[HON. MEMBERS: "Withdraw."]—was Chancellor of the Exchequer he, by very questionable methods, tried to get the gilt-edged market on a 1½ per cent. basis, we may take it that the Prime Minister is in favour of the policy of trying to get the gilt-edged market on to a 3 per cent. basis? When will the Government realise that if they break the law of supply and demand it will break them?

Mr. Osborne

On a point of Order. May I ask your guidance, Mr. Speaker? The Lord President of the Council was instructing my right hon. and gallant Friend that my Question ought to have been addressed to another Minister. I was instructed by the Table that such a Question could only be put down to the Prime Minister. Is that correct, and is not the Lord President of the Council in the wrong?