§ 46. Mr. Osborneasked the Chancellor of the Exchequer what would be the approximate cost at today's prices of bringing the national stocks of raw materials and foodstuffs derived from dollar sources up to the level of January, 1950; and whether this would be greater than the increase in our gold and dollar reserves since that date.
§ Mr. GaitskellIt is not possible to separate goods in stock from dollar and non-dollar sources. The fall during 1950 in stocks of raw materials (excluding petroleum), of which substantial proportions are or have been obtained from dollar sources, was about £40 million, valued at end-1950 dollar prices. This would, therefore, be the approximate cost of replacement, assuming supplies were available. As I stated in my reply to the hon. Member on 21st November, 1950, it is not the practice to publish figures relating to stocks of food. Our gold and dollar reserves rose during 1950 by £576 million.
§ Mr. OsborneIs the Chancellor aware that the volume of our exports last year increased by 16 per cent., whereas the volume of our retained imports increased by less than 1 per cent.? Does he not think that good stock is really better than cash, and will he not allow the finance to replenish our stocks?
§ Mr. GaitskellScarcity of dollars in no way holds up the import of raw materials.
§ Mr. HarrisonDoes my right hon. Friend accept the inference of this Question that our increase of gold and dollars was made by running down the imports of raw materials?
§ Mr. GaitskellMy answer makes it perfectly clear that that was not so.