§ 24. Mr. Hordernasked the Chancellor of the Exchequer if he will arrange to publish figures for domestic credit expansion and for the money supply at monthly intervals.
§ Mr. DiamondNo, Sir.
§ Mr. HordernWould the right hon. Gentleman explain how it is possible for the United States to give figures for the money supply at monthly intervals and for the preceding month while we do not have more recent figures than for last December?
§ Mr. DiamondThe answer is not to ask President Nixon but to ask the Chief Secretary.
§ Mr. HordernWell, what is the answer?
§ Mr. DiamondThe answer is simply that the American banking system is subject to many more statutory controls than ours. They already have to make returns of a vast number of details, and the additional information required in their case is small. In our case it would be enormous and it would not be worth while; and, in the meantime, in the light of that, the figures would be inaccurate.