HC Deb 14 July 1949 vol 467 cc658-9
57. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer if His Majesty's Government will resume the practice of publishing monthly gold figures.

The Economic Secretary to the Treasury (Mr. Douglas Jay)

No, Sir.

Colonel Crosthwaite-Eyre

Would the hon. Gentleman have this information published, particularly as it would keep the subject very much before the public, which would be of advantage to all concerned.

Mr. Jay

As the hon. and gallant Gentleman will remember, we did try the experiment of monthly publication, and found that exceptional payments led to a result in which the monthly figures were really misleading. It is a much more fair way of giving the information to the public to spread it over three months.

Mr. Stokes

Was not this information, or this kind of information, given before the war? If that is so, what is the necessity for secrecy now?

Mr. Jay

Whatever was done before the war, we think the least misleading way of giving this information now is, as I say, to spread it out over a period of not more than three months.

Mr. Stokes

Does my hon. Friend agree that the whole basis of gold is entirely misleading?

Mr. Godfrey Nicholson

Would it not be possible to resume the monthly statements, calling attention to any exceptional circumstances that occur?

Mr. Jay

I have already said that, on the whole, we do not think it would be wise to do so.