§ 15. Mr. Russellasked the President of the Board of Trade if he will publish in the Trade and Navigation Accounts the details of the imports and exports of all forms of gold and silver in the same way as for other metals.
§ Mr. P. ThorneycroftNo, Sir. The United Kingdom Trade Accounts now include only those items of commerce which constitute merchandise trade. Gold bullion and monetary items are consequently excluded. This exclusion conforms with the recommendations of the International Monetary Fund.
§ Mr. RussellCan my right hon. Friend give the reasons for this?
§ Mr. ThorneycroftI understand that the reasons which the International Monetary Fund put forward are that gold is used both as money and as a commodity and that it is not always possible to distinguish between the two in transactions; and also that changes of ownership of gold often take place without transhipment and, therefore, the returns would be misleading. Those are the views put forward, but I must say that the contrary views can be held.
§ Mr. StokesWhy is there this secrecy about the movement of gold? In view of the right hon. Gentleman's reference to the fact that some of it is used for commercial purposes, can he explain why the gold which is put in teeth, and which is of less value, costs more than the gold that is put into Fort Knox?
§ Mr. ThorneycroftThe right hon. Gentleman has defeated me in the latter part of his question. I think the point is that it is not a question of secrecy but that the figures would be quite meaningless if published.