§ 20. Mr. H. Leverasked the Chancellor of the Exchequer what is the total value of United Kingdom-owned dollar securities; whether he will cause these securities to be registered with the Bank of England; and whether he will from time to time publish figures of the value of these securities.
§ Mr. MaudlingFigures published in the U.S.A. and Canada show that at the end of 1956 the market value of United Kingdom-owned dollar securities was of the order of 3,000 million dollars. I do not propose to have these securities registered with the Bank of England. The holders are already required to deposit them with an authorised depository.
§ Mr. LeverDoes the Minister really think it a satisfactory situation that he is dependent upon Canadian and American figures to inform him what this fundamental part of our dollar reserves is? What good reason is there that the Bank of England should not have charge of these securities so that, in the event of a crisis similar to that of last September, they will be immediately available to support the £?
§ Mr. MaudlingThe present system of having these deposited with authorisd depositories is quite satisfactory.