HC Deb 05 April 1955 vol 539 c990
36 and 38. Mr. Gaitskell

asked the Chancellor of the Exchequer (1) the current value of the United States securities owned by Her Majesty's Government which were formerly lodged as collateral in respect of the Reconstruction Finance Corporation Loan; (2) the amount of dividends and interest received during the last three years in respect of United States securities owned by Her Majesty's Government; and into what account this money has been paid.

Mr. R. A. Butler

These securities form part of the assets of the Exchange Equalisation Account, and the income from them accrues to that Account. It is not usual to disclose particulars of such assets or income.

Mr. Gaitskell

Is the right hon. Gentleman aware that unofficial estimates of the value of these securities give a figure of approximately two billion dollars, and does he really think that it is right to withhold information from the House about this important bit of Government property?

Mr. Butler

It is the custom to keep the contents of the Exchange Equalisation Account secret, and that makes it difficult for me to explain the situation either to the right hon. Gentleman or to the House.

Mr. Gaitskell

Would not the Chancellor at least give the assurance that none of these securities has been sold in order to increase our gold and dollar reserve?

Mr. Butler

I told the right hon. Gentleman on a previous occasion that the dollar income would continue to accrue to this country in the case of any sales that had taken place. He need not think, however, that we are using these securities for any sort of purpose such as he has in mind.