§ 43. Mr. Osborneasked the Chancellor of the Exchequer what is the approximate total foreign holdings of Government stocks and, in view of the large sales from these accounts since the pound was devalued, if he will take steps to restore public confidence.
§ Sir S. CrippsI regret that this information is not available. In reply to the second part of the Question I would refer the hon. Member to the reply of my right hon. Friend the Financial Secretary on 17th November last to Questions asked by my hon. Friend the Member for Luton (Mr. Warbey) and my hon. Friend the Member for Ashton (Mr. Wyatt).
§ Mr. OsborneIs the right hon. and learned Gentleman satisfied that this sale 192 of gilt-edged securities by foreigners has been stopped now? Or can he take any steps to stop it?
§ Sir S. CrippsNo. I have no evidence that any took place at all.
§ Mr. OsborneThen will the Chancellor read the editorial columns of "The Times," which paper is regarded as responsible?
§ Sir S. CrippsThat is not evidence.
§ Mr. DraysonWill the right hon. and learned Gentleman make it clear to holders of British Government securities overseas that they are quite free to do what they like with them?
§ Sir S. CrippsThey are free, subject, of course, to control restrictions. They are not wholly free.
§ 44. Mr. Osborneasked the Chancellor of the Exchequer upon which public funds has fallen the cost of raising the level of gilt-edged stocks under his predecessor to permit the issue of 2½ per cent. Treasury Stock at par in 1946; and how much public money was used to achieve this object.
§ Sir S. CrippsPurchases and sales of Government securities in the market by official funds have taken place from day to day under this Government as under previous Governments but in accordance with long-established practice I am not prepared to disclose details of these transactions, or add to the information given to Parliament in the statutory accounts of official funds.
§ Mr. OsborneCould the Chancellor say whether it is true that it cost about £800 million to put the gilt-edged market right in order that his predecessor's vanity could be satisfied?
§ Sir S. CrippsThat is not true, but I cannot say whether anything else is true or not.
§ 57. Sir W. Smithersasked the Chancellor of the Exchequer the purchase price of the £28.2 million 2½ per cent. Treasury stock held in the account of the Fund for the Banks for Savings, and of the £21.7 million, £201 million, £1.6 million, £1.1 million, and £1.2 million, of the same stock held in the accounts of the Post Office Savings Bank Fund, the 193 National Insurance (Reserve) Fund, the County Court, the Crown Lands and the Supreme Court, respectively.
§ Sir S. CrippsI would refer the hon. Member to the statutory accounts of these Funds, which are laid before Parliament. I am not prepared to add to the information contained in the accounts.
§ Sir W. SmithersIs it not a fact that the Chancellor will not publish these figures because they show the enormous loss to the taxpayer; is the Chancellor not aware that this is due to the cheap money policy followed by himself and his predecessor; and will he Set up a committee, under the chairmanship of his predecessor, to inquire into these losses?