HC Deb 05 May 1931 vol 252 cc216-7W

asked the Chancellor of the Exchequer the amount of gold in circulation in the world; how much is held in the United States, France, Germany, Italy and Great Britain; and what is the proportion of gold reserve to currency in each country, respectively?


The monetary gold supply of the world at the end of 1929 was estimated, in Mr. Love-day's Memorandum apended to the first interim report of the Gold Delegation of the League of Nations, at 11,179 millions of dollars, equivalent to £2,297,000,000. This includes an amount "in circulation," in the sense of being outside the reserves of central banks and Treasuries, estimated at 756 millions of dollars (£155,000,000), but this is very conjectural.

The gold held in the countries named at the end of 1929 and at the latest available date was (in £ millions):

December, 1929. April, 1931.
United States 880.3 969.0
France 335.1 447.7
Germany 115.1 115.1
Italy 56.1 57.4
Great Britain 147.7 146.3

The proportion of gold to currency in circulation (exclusive of subsidiary coin) was as follows (in millions):

Currency. Gold. Proportion.
Per cent.
United States $ 4,244 4,716 111.1
France Frs. 77,231 55,616 72.0
Germany Rms. 3,685 2,348 63.7
Italy Lire 14,797 5,313 35.9
Great Britain £ 349.8 146.3 41.8