§ Mr. Moreingasked the Chancellor of the Exchequer whether, in view of the steady flow of gold bullion from this country to America as a result of the continuous issue of inconvertible paper money, he will take steps as soon as possible to arrest this outflow by stabilisation of the currency, and thereby bring about stability of exchange?
§ Sir J. SimonIf my hon. Friend, in referring to stabilisation of the currency, has in mind legislation which would give sterling a fixed value in terms of gold, I do not consider that this measure would have the effect which he anticipates, and the answer to his question is in the negative. I would add that there has been no increase in the note issue over last year and the reference to a continuous issue of paper money is therefore unjustified.