§ 50. Captain Pilkingtonasked the Chancellor of the Exchequer whether the lowest level reached, during the decline of the gold and dollar reserves which started in the summer of 1951, was higher or lower than the level today.
§ Sir E. BoyleLower, Sir. The gold and dollar reserves fell continuously from 30th June, 1951, until 30th April, 1952, from £1,381 million to £594 million. On 31st October, 1955, they stood at £820 million.
§ Captain PilkingtonWill my hon. Friend convey that information to the right hon. Member for Leeds, South (Mr. Gaitskell), who henceforward will be able to give a rather truer comparison of the two occasions, instead of so frequently calling other people dishonest?
§ Mr. GaitskellIs the hon. Gentleman aware that these figures are available to all Members of the House in the Monthly Digest of Statistics, that the figures I have given were quoted from that document, and that the gold reserves today stand below the level at which they stood at the end of December, 1951, and are far too low for any question of convertibility?
§ Sir E. BoyleI do not think that that in any way mitigates the force of the perfectly fair account which my right hon. Friend gave of the economic affairs in 1951 when he spoke on Monday.
§ Mr. GaitskellIs the hon. Gentleman aware that the decline in the gold reserves in 1951 was from much the highest level reached during the post-war period, and that it is much more dangerous to have a decline in gold reserves when they are down to nearly £800 million?
§ Sir E. BoyleI do not un-say what I said last Friday or what my right hon. Friend said last Monday.