HC Deb 22 March 1934 vol 287 cc1394-5W
Colonel WEDGWOOD

asked the Chancellor of the Exchequer what was the estimated amount of monetary gold in the world at the end of 1929; what was the actual or estimated world-production of gold in each of the years 1930, 1931, 1932, and 1933; what was the estimated amount of monetary gold in the world at the end of 1933; and how much of it was held at the end of that year by Great Britain, the United States, France, Germany, and Italy, respectively?

Mr. CHAMBERLAIN

The monetary gold in the world at the end of 1929 was estimated by the League of Nations Gold Delegation at $11,272,000,000 (£2,316,000,000), exclusive of hoards in Asia and Africa. No corresponding estimate is available for 1933.

The world production of gold has been estimated as follows (in £ millions at gold par):—

1930 … … … 88.5
1931 … … … 94.8
1932 … … … 102.5
1933 … … … 103.5

The gold held by the United States was estimated at $4,323,000,000 or £888,000,000 (at the former gold par) at the end of 1933, but has since increased. Estimates are not available for the other countries named.

Colonel WEDGWOOD

asked the Chancellor of the Exchequer what was the estimated amount of monetary gold in this country at the end of 1929; what was the excess of imports of gold over exports of gold in each of the years 1930, 1931, 1932, and 1933, respectively; and what was the estimated amount of monetary gold in this country at the end of 1933?

Mr. CHAMBERLAIN

The monetary gold in this country and the Irish Free State at the end of 1929 was estimated by the League of Nations Gold Delegation at $791,000,000 or £162,500,000 (exclusive of any gold earmarked for oversea owners). No corresponding estimate is available for 1933.

The net imports (or exports) of gold since 1930 have been as follow:

Value.
£
1930, net import … … 4,861,000
1931, net export … … 34,581,000
1932, net import … … 17,858,000
1933, net import … … 191,334,000

Since the value is the face value of British gold coin, and the market value of all other gold, these figures require some adjustment in 1931 and subsequent years. The Board of Trade estimated the Set loss of gold in 1931 at £31,000,000 on a par basis, and the net imports in 1932 and 1933 at £12,500,000 and £133,000,000 respectively.