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Gold Price

Volume 464: debated on Tuesday 3 May 1949

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asked the Chancellor of the Exchequer what discussions have taken place between His Majesty's Government, other members of the sterling area and the International Monetary Fund on the adjustment of the gold price, both for monetary and non-monetary purposes.

No discussions have taken place on this subject between His Majesty's Government and the International Monetary Fund. The other members of the sterling area who are members of the I.M.F. are members in their own right, and any discussions between them and the Fund are the concern of those Governments. We are, of course, in close touch on all these matters, as part of the normal exchange of information between the Commonwealth countries.

Does that answer mean that His Majesty's Government will support any move by members of the sterling area to secure a more equitable price, particularly for non-monetary gold?

No, Sir, it does not necessarily mean that. That is another question which the hon. and gallant Member might put down.

As this Question asks most particularly whether any action has been taken on this matter, cannot the hon. Gentleman at least give an indication of the view of His Majesty's Government?

I cannot give an indication of what our view might be on a subject which has not arisen, but, as I say, these matters are normally discussed between members of the Commonwealth in the ordinary course of business.