Sir A. Salterasked the Chancellor of the Exchequer whether, having regard to the provisions of Section 25 (3) of the Finance Act, 1932, the Exchange Equalisation Account shows a profit after reckoning the net result of any losses and gains by purchases and sales of gold in recent years at sterling prices in excess of the fixed value as defined in the Act?
§ Mr. ChamberlainMy statements that the operations of the Exchange Equalisation Account have shown a profit up to any particular date have naturally taken into account both the accounting losses and gains incurred by the Account on transfers of gold to and from the Issue Department of the Bank of England, and also the accounting profit on revaluation at the market price of amounts thus transferred.