HC Deb 08 March 1949 vol 462 cc983-4
55. Sir W. Smithers

asked the Chancellor of the Exchequer the amount of our gold reserves at the latest available date.

Mr. Jay

United Kingdom holdings of gold and dollars were £457 million at the end of 1948.

Sir W. Smithers

Does that include the £80 million of gold on loan from Africa. and, if so, why?

Mr. Jay

Yes, that had been received many months before, and so was included in these calculations.

Sir W. Smithers

Why should the Government include in gold reserves, gold on loan? When will the Government realise that honesty is the best policy?

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