§ 32. Mr. Gowasked the Chancellor of the Duchy of Lancaster how many representations he has received from the Duchy 658 of Lancaster about the rate of growth of the money supply.
§ Mr. GowIs the Chancellor of the Duchy aware that, had I lived in the Duchy of Lancaster, he would have received one representation? Will he say whether he regards the figure for the increase in the money supply for the last financial year of 16¼ per cent. and the increase for the first two months of this year at an annualised rate of 24 per cent. as being a state of affairs which he regards as satisfactory?
§ Mr. LeverAs for the last financial year, since I do not attach totem precision to these figures, I would say that the outcome was reasonably satisfactory.
As for the last two months, I think that it is a mistake to turn monthly, weekly or daily figures into an annual rate. It is wiser to take these figures over a reasonable period of several months and then adjudge whether we are on the right course. If the hon. Member will be a little patient and seek to judge the annual rate of increase of the money supply in, say, three or four months' time, he will not have to alarm himself to the same extent as appears to be the case now.