Oral Answers to Questions — National Finance – in the House of Commons am 12:00 am ar 5 Awst 1947.
Sir Alexander Spearman
, Scarborough and Whitby
12:00,
5 Awst 1947
asked the Chancellor of the exchequer (1) if he will furnish details of the sterling balances held in this country by the State and nationals of every country on 15th July, 1946, and at the end of the week ending 26th July;
(2) if he will furnish information regarding the extent of our foreign trade credits and other external advances on 15th July, 1946, and 26th July, 1947.
Mr Charles Byers
, Dorset Northern
asked the Chancellor of the exchequer what were the sterling balances, with details, held in London by the Governments and nationals of each country or State outside Great Britain on 15th July, 1947, and on 2nd August, 1947.
Mr Robert Boothby
, Aberdeenshire and Kincardineshire Eastern
asked the Chancellor of the exchequer whether he will give details of the sterling balances held in London on 15th July, 1946, and on 25th July, 1947, respectively.
Mr Hugh Dalton
, Bishop Auckland
The collection of these figures, which involves securing and collating information from a large number of different sources, can only, in practice, be done at quarterly intervals.
Sir Alexander Spearman
, Scarborough and Whitby
If the Chancellor cannot give us any details now, can he at any rate give the House an assurance that there is no cause for apprehension in this connection?
Mr Hugh Dalton
, Bishop Auckland
I would hope not, but I would again prefer to deal with this matter in the course of the Debate.
Mr Charles Byers
, Dorset Northern
That, again, is my point. Is it not possible for the Chancellor to give an approximation to the House so that the House may have an opportunity of making a considered contribution to the Debate tomorrow? Does the Chancellor realise the position of the House of Commons in this matter, where information will be given by the Government, very late in the Debate perhaps, and the House will not have an opportunity of considering it as it should do, having regard to the serious position we are in?
Mr Hugh Dalton
, Bishop Auckland
We will do our best to meet the convenience of the House as a whole in this matter, but the form of the Questions that I am asked—and I am seeking to give a direct answer to the Questions on the Paper—is such that, as between two dates both very close together and so very recent, it is really not possible to give figures such as are desired, because it involves collection from literally hundreds, if not thousands, of different sources, from great numbers of banks all over the world, and so on.
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
The House of Commons is one of the houses of parliament. Here, elected MPs (elected by the "commons", i.e. the people) debate. In modern times, nearly all power resides in this house. In the commons are 650 MPs, as well as a speaker and three deputy speakers.
