§ 40. Mr. Stokesasked the Chancellor of the Exchequer why no instructions were given to the British representative at the recent meeting of the International Monetary Fund in America to support the Union of South Africa in their demand for a revision in the dollar price of gold.
§ The Chancellor of the Exchequer (Sir Stafford Cripps)I have already explained to my hon. Friend that the resolution tabled by the Union of South Africa related to the sale of gold at premium prices and not to the dollar price of gold. I instructed my representative to support a recommendation that this question should be referred to the 940 Executive Directors for further study, and this is being undertaken.
§ Mr. StokesWould my right hon. and learned Friend agree that a very good reason for giving instructions to his representative would have been that, as the dollar is related to the price of gold, it was very important that gold should be allowed to reach its real price instead of a fictitious price, as at present?
§ Sir S. CrippsI do not think that would have been a good reason. The reason why I acted as I did was to get this matter explored.
§ Mr. StokesI know, but I should like to ask my right hon. and learned Friend whether he does not concede that we are now living in a complete state of cuckoodom—[HON. MEMBERS: "Hear, hear."] It would be much worse if hon. Gentlemen opposite were in control. What I want to know is whether the Chancellor of the Exchequer agrees that the first way to ensure money having a real value is to realise that it cannot have it if it is hitched to a fictitious gold value? Why does he not give the right instructions on this gold question to his representative?
§ Sir S. CrippsI should be glad if the hon. Gentleman would put that question on the Order Paper.
§ Mr. SpeakerSir Waldron Smithers.
§ Mr. StokesMay I put one final question?
§ Mr. SpeakerWe cannot pursue this matter further.
§ Mr. StokesI beg to give notice that I shall continue to try to raise this matter on the Motion for the Adjournment.