Oral Answers to Questions — National Finance – in the House of Commons am 12:00 am ar 4 Tachwedd 1947.
Mr Harold Lever
, Manchester Exchange
12:00,
4 Tachwedd 1947
asked the Chancellor of the exchequer (1) what is the value of quoted dollar securities held by U.K. residents; and whether he will now requisition these securities and commence their orderly sale before selling further quantities of gold from the reserve;
(2) what is the estimated value of dollar assets, other than quoted securities, in the United States and Canada owned by U.K. residents; and whether he will now requisition these assets and commence the orderly sale of those which it is not imperative to retain, before drawing further upon the gold reserve.
Mr Hugh Dalton
, Bishop Auckland
Dollar securities total about 58 million dollars, including many not readily marketable. Other dollar assets are of great variety and would be difficult to value or to sell except at unreasonably low prices. I do not think that the action suggested by my hon. Friend would be advantageous in present circumstances.
Mr Harold Lever
, Manchester Exchange
Would it not be more advantageous to sell dollar securities quoted on the Stock Exchange in New York and in Canada before parting with any more of our gold, and is it not inadvisable, in present circumstances, for the Chancellor to allow free dealings in New York which will result in the waste of these securities by speculative transactions which cost dollars in brokerage at the present time?
Mr Hugh Dalton
, Bishop Auckland
No, Sir. I cannot add to what I have said. I do not think that, in present circumstances, taking everything into account, the operation suggested would be advantageous to this country.
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.
