HL Deb 28 June 1963 vol 251 cc441-2

11.5 a.m.

LORD BARNBY

My Lords, I beg leave to ask the Question which stands in my name on the Order Paper.

[The Question was as follows:

To ask Her Majesty's Government with regard to South African gold production—

  1. (a) What is the value of bullion remitted annually by South Africa to the London market; and
  2. (b) In the event of a general boycott by the United Kingdom of South African goods and the consequential discontinuance by South Africa of consignment of gold to Great Britain, whence do Her Majesty's Government expect to receive regularly equivalent gold to achieve such continuing support to sterling.]

THE MINISTER OF STATE FOR FOREIGN AFFAIRS (THE EARL OF DUNDEE)

My Lords, actual sales of bullion vary from year to year, depending on the level of production and the balance of payments in South Africa. United Kingdom customs returns show that imports from South Africa amounted to £256 million in 1961. No final figure is yet available for 1962, but it is expected to be of the same order. The second part of the Question appears to be hypothetical.

LORD BARNBY

My Lords, I thank the noble Earl for that reply. With reference to the second part of it, which I find disappointingly inadequate, may I ask him whether it is not right to assume that the massive increases in the gold and currency reserves of South Africa indicate the widespread confidence of world financial centres in the strength of the South African economy?

THE EARL OF DUNDEE

That may be so, my Lords, but since we do not contemplate a boycott the question does not arise.

LORD OGMORE

In any case, my Lords, is it not the fact that the reason why they have very large gold reserves there is that South Africa has most of the gold mines of the world?

LORD BARNBY

With regard to the policy of the South African Government in consigning its gold stocks to this country, would the noble Earl be inclined to give an assurance that that is advantageous or disadvantageous?

THE EARL OF DUNDEE

No, my Lords; I cannot give assurances on behalf of the South African Government.

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