Oral Answers to Questions — National Finance. – in the House of Commons at on 17 September 1931.
Commander Hon. Joseph Kenworthy
, Kingston upon Hull Central
asked the Chancellor of the exchequer what is the total amount of the overseas loans raised on the London money market during the present calendar year; and whether the Treasury was consulted with regard to these loans?
Mr Philip Snowden
, Colne Valley
There are no official returns of capital issues. Those compiled by the Midland Bank show for the period January to August, 1931, a total of £36,721,000 in respect of overseas issues for British possessions and £9,236,000 for foreign countries. There is no obligation to consult the Treasury with regard to such issues.
Commander Hon. Joseph Kenworthy
, Kingston upon Hull Central
Will the right hon. Gentleman be good enough to answer the latter part of my question, as to whether the Treasury was consulted?
Mr Philip Snowden
, Colne Valley
I have done.
Commander Hon. Joseph Kenworthy
, Kingston upon Hull Central
Then, in view of his speeches as long ago as February, warning us of the difficulties ahead of us, did he not take any steps to check this export of capital?
Mr Philip Snowden
, Colne Valley
Most of this, by far the greater part, has gone to the Governments of the British Dominions.
Commander Hon. Joseph Kenworthy
, Kingston upon Hull Central
Will the right hon. Gentleman do anything in the matter?
Mr Philip Snowden
, Colne Valley
I have given the answer already, and that is that the Treasury have no authority to interfere.
Lieut-General Edward Fitzroy
, Daventry
We seem to be having Debates on every question.
Colonel Josiah Wedgwood
, Newcastle-under-Lyme
But I wish to know—
Lieut-General Edward Fitzroy
, Daventry
We shall never get through half the questions if we go on at this rate.
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.
