§ 73. Mr. Stokesasked the Chancellor of the Exchequer what instructions were given to the British representative at the recent meeting of the International Monetary Fund in America at which it was decided that there should be no change in the dollar price of gold.
§ Mr. JayI presume that my hon. Friend is referring to the resolution placed on the agenda of the fourth annual meeting of the Board of Governors of the International Monetary Fund by the Union of South Africa. This resolution did not relate to the official dollar price of gold, but to gold sales at premium prices. The resolution was taken by a committee of the Board of Governors which recommended that the resolution he referred to the Executive Board for study and report to the Governors. This was in accordance with the instructions given to the British representative. The recommendation was accepted, and so 1406 no decision on the substance of the resolution was taken.
§ Mr. StokesI could not hear half of that answer, but is my hon. Friend aware that I was not referring to that resolution at all, and that I merely want to know whether the British representative at this meeting was instructed or was not instructed to press for a rise in the dollar price of gold? That is the question to which I want an answer.
§ Mr. JayAs I have explained, that question did not arise and, therefore, no instructions were necessary.
§ Mr. StokesMight I ask whether neither my hon. Friend nor his right hon. and learned Friend understand the significance of a difference in the dollar price of gold? Surely some instructions were given to the British representative who went there?
§ Mr. JayAs I have informed my hon. Friend before, the question of the dollar price of gold is a question for the Government of the United States.
§ Mr. StokesIn view of the continued dissatisfaction which I have got from both the Chancellor of the Exchequer and my hon. Friend, I beg to give notice that I shall raise this matter on the Adjournment.