HC Deb 18 December 1956 vol 562 cc1078-9
10. Mr. H. Wilson

asked the Chancellor of the Exchequer by what figure the value of dollar securities held by the Exchange Equalisation Account and other public authorities has fallen since October, 1951.

Mr. H. Macmillan

I do not know what the right hon. Gentleman has in mind in referring to "other public authorities." So far as the dollar securities held by the Exchange Equalisation Account are concerned, the value has not fallen, but, on the contrary, has risen, since October, 1951.

24. Mr. H. Wilson

asked the Chancellor of the Exchequer if he will arrange to publish monthly, together with the figures of gold and dollar reserves, the total value of dollar securities held by the Exchange Equalisation Account and other public authorities.

Mr. H. Macmillan

It is not the practice to give details of the assets of the Exchange Equalisation Account. I gave a broad indication of the present value of these securities in my statement on 4th December, but I cannot agree to go any further or to adopt the present suggestion.

Mr. Wilson

Despite his little sulk a few minutes ago is the Chancellor not aware that this Question and others in a similar vein are designed to help in presenting to the world the amount, size and movements in the various forms of reserves which supplement the gold and dollar reserves? Is not he aware that this suggestion has been put forward in a number of highly respectable financial circles, and does not he feel that it would be better to publish these figures rather than that guess work should be indulged in about them?

Mr. Macmillan

No, Sir. The practice, which, I believe, has been followed ever since the war, and is a sound one, is to give from time to time broad indications, as I have done, but not to give precise figures or to give figures at regular intervals. I should be very glad to discuss this problem with the right hon. Gentleman. I believe that this is sound practice, from which it would be a mistake to depart.

Mr. Roy Jenkins

Is it now the view of the Government that the state of our reserves should be judged not solely in regard to what are commonly called gold and dollar reserves as such, but also in regard to a number of other considerations, of which this is one? If that is so, ought not we now to have a little more information than we have had in the past?

Mr. Macmillan

I will consider that, but there are great difficulties. If the hon. Member, the right hon. Gentleman and I discussed the matter together, I believe that they would reach the same conclusion as I have reached.