§ 20. Mr. Croninasked the Chancellor of the Exchequer if he will make a statement on his recent decision to allow the London Gold Market to undertake forward transactions in gold without obtaining approval from the Bank of England.
§ Mr. ErrollYes, Sir. Since 20th March there has been no need for authorised dealers to obtain the prior approval of the Bank of England for forward transactions in gold. This was a small relaxation which we were glad to make in the interests of the efficiency of the market.
§ Mr. CroninBut is not it the case that approval has been refused in such cases comparatively recently, and therefore is not it likely that many cases of undesirable speculation will occur purely as a result of the blanket permission given by the Government?
§ Mr. ErrollNo, Sir, my right hon Friend does not take that view.