§ 50. Mr. Peter Freemanasked the Chancellor of the Exchequer how many pound notes and ten shilling notes are now in circulation; and what is the amount of gold in the Bank of England.
§ Sir S. CrippsOn 28th February, 1949, the end of the Bank of England year, there were 968,719,000 pound notes and 177,708,000 ten shilling notes in circulation. The Issue Department of the Bank of England holds gold to the value of £247,833.
§ Mr. FreemanIs it not a fact that the gold in the Bank of England now bears no relationship to the value of the notes issued; and could my right hon. and learned Friend say what purpose it now 977 serves? Would it not be better to sell that gold and have something more valuable in its place?
§ Sir S. CrippsThere is plenty of value behind the backing of British currency without that gold.
§ Mr. Oliver StanleyI think that the right hon. and learned Gentleman inadvertently said £247,000.
§ Sir S. CrippsNo, I said quite accurately in
The Issue Department of the Bank of England.That is all I am dealing with.
§ Mr. StokesWas the value of the gold expressed in monetary terms or real gold value?
§ Sir S. CrippsIt was expressed in sterling, as I have stated.
§ Mr. OsborneAt how much per ounce is it reckoned?
§ Sir S. CrippsI could not say how many ounces are represented in £247,000.
§ Mr. OsborneHow much is it worth per ounce?
§ Sir S. CrippsI cannot tell the hon. Member but I imagine it is the sterling value.