HC Deb 26 July 1949 vol 467 cc2246-7
54. Mr. Stokes

asked the Chancellor of the Exchequer whether he will define the procedure under the rules of the International Monetary Fund for fixing the selling price of gold.

Mr. Glenvil Hall

The International Monetary Fund does not fix the price of gold. In this connection I would refer my hon. Friend to the reply given on 14th July by my hon. Friend the Economic Secretary.

Mr. Stokes

Will my right hon. Friend have a look at the rules governing the International Monetary Fund, a copy of which I have in my hand and which evidently I have studied more closely than he has, and will he one day come back to the House and explain what the price of gold is? What does the Chancellor do when he wants to change the price?

Mr. Glenvil Hall

My hon. Friend is being unduly modest. Nevertheless, if he does seek the information I will be only too happy to meet him and go into this matter to see if collectively we can solve it.

Mr. Stokes

Would my right hon. Friend tell us what the Chancellor does when he wants to change the price of gold? How does he set about it?

Mr. Glenvil Hall

Each member State has to consult the International Monetary Fund before it makes any change in the par value of its currency.

Mr. Stokes

I beg to give notice that some day or other I shall get to the bottom of this.