HC Deb 06 February 1951 vol 483 c1538
65. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer for what reason His Majesty's Government have been heavy converters of dollars into gold in the latter part of 1950.

Mr. Gaitskell

It has always been the policy of His Majesty's Government to hold the bulk of the reserves in gold.

Colonel Crosthwaite-Eyre

If that is his policy, may I ask the right hon. Gentleman two questions; first, why he has not used any surplus dollars to repay the International Monetary Fund the sum which may become payable by His Majesty's Government and, secondly, whether he really thinks it helps the Americans at present to transfer dollar securities and thus add to their economic problems?

Mr. Gaitskell

There is no evidence that the American Government has any objection to our pursuing our normal economic policy.