§ Mr. Tudor Watkinsasked the Chancellor of the Exchequer what were the amounts and nature of grants made by the Development Commission to appropriate bodies in Wales for the five years ended 31st March, 1970.
§ Mr. William Rodgers:Loans and grants made by the Development Comission to appropriate bodies for expenditure in Wales for the five years ended 31st March, 1970, were as follows:
years from 1964 onwards the figures shown for increases in money supply are based on the average money supply during the year and the figures for gross national product relate to the whole of the calendar year. Before 1963, however, estimates of the money supply were only available for the end of the year, and the figures therefore relate to changes between the end of one year and the next. To corres- 359W pond as closely as possible to this, the gross national product for the earlier years has been taken for years ending in June.
Percentage increases Gross national product at current market prices Money supply 1960 … 6.1 1.8 1961 … 5.9 2.6 1962 … 4.9 2.7 1963 … 8.7 6.6 1964 … 8.5 6.3 1965 … 7.4 6.5 1966 … 6.4 6.7 1967 … 5.2 6.1 (1) 1968 … 7.0 9.7 (2) 1969 … 6.7 4.3 (1) Foreign currency items are affected by the revaluation at 18th November, 1967. (2) Includes the effects of the inclusion of new contributors to accepting houses, overseas and other Banks and of a change in the book-keeping arrangements of one deposit bank which added £195 million (1.3 per cent.) to the money supply at the end of 1967.