Gold and Dollar Reserves

HC Deb 31 July 1956 vol 557 cc1138-9

35. Mr. Rippon

asked the Chancellor of the Exchequer the total of our gold and dollar reserves on the latest available date.

Mr. H. Macmillan

The gold and dollar reserves stood at $2,385 million on 30th June, 1956.

Mr. Rippon

Does my right hon. Friend agree that the real total reserve may well be about double the figure that he has just given? Is he aware of the discrepancy between the Treasury figures and the estimates of the United States Federal Reserve Board? Is there any way of reconciling the two sets of statistics? In any event, can my right hon. Friend say what he believes to be a satisfactory working reserve in the Exchange Equalisation Account?

Mr. Macmillan

There are many questions contained in my hon. Friend's supplementary question, to which, as, I am sure, he will recognise, I should like to make very careful replies if they were put on the Paper. I will content myself with saying that they are 265 million dollars higher than they were six months ago.