HC Deb 05 July 1955 vol 543 cc954-5
57. Mr. Bottomley

asked the Chancellor of the Exchequer the amount of gold from the Union of Soviet Socialist Republics imported into this country for the first six months of 1955.

The Economic Secretary to the Treasury (Sir Edward Boyle)

Figures for the first half of 1955 are not yet available; but in the period from January to March, 1955, about 3.3 million troy oz. of gold bullion with a value of about £42 million was imported from all sources, of which just under 161 thousand oz. troy, with a value of just over £2 million came from the Union of Soviet Socialist Republics. As the right hon. Gentleman knows, the amount of gold imported does not necessarily correspond to the amount of gold purchased from overseas countries.

Mr. Bottomley

Does the Chancellor accept the fact that the importation of Russian gold is responsible for keeping up our gold and dollar reserves which, in spite of that, fell last month?

Sir E. Boyle

I really do not think that that follows from what I read out.