§ Mr. Loveridgeasked the Chancellor of the Exchequer (1) if he will initiate discussions designed to associate the issue of special drawing rights in the future with gold at least in part so that the 255W growth of world liquidity by special drawing rights will have a firmer basis than trust between nations;
(2) if he will initiate discussions designed to ensure that the International Monetary Fund will accept an obligation to convert special drawing rights into gold or other currencies, so as to increase confidence in the issue of special drawing rights in the future;
(3) if he will initiate discussions to increase the price of gold in terms of special drawing rights units in order to release more gold from hoarders and encourage production, thus leading to a more secure basis for international credit.
§ Mr. NottNo. My right hon. Friend has already put forward a number of ideas for international monetary reform which have been well received in other countries. My hon. Friend's suggestions would not be consistent with these ideas.