Oral Answers to Questions — Currency.

– in the House of Commons on 18th July 1933.

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Photo of Major Abraham Lyons Major Abraham Lyons , Leicester East

48.

asked the Chancellor of the Exchequer whether any and what proposals have been made for the introduction of an Empire currency or for the stabilisation of currencies in the Empire, respectively?

Photo of Mr Leslie Hore-Belisha Mr Leslie Hore-Belisha , Plymouth, Devonport

No fresh proposals are at present under consideration but my hon. Friend will recollect that at the Ottawa Conference the importance of maintaining the stability of exchange rates by the countries within the Commonwealth whose currencies are linked to sterling was fully recognised.

Photo of Major Abraham Lyons Major Abraham Lyons , Leicester East

While thanking my hon. Friend for the reply, can he give the House an assurance that, while the Empire Statesmen are here in conference, this matter of the stabilisation of Empire currency, or the maintenance of a, whole Empire currency in its place, will receive serious consideration, in view of the present large fluctuations of exchanges generally?

Photo of Mr Leslie Hore-Belisha Mr Leslie Hore-Belisha , Plymouth, Devonport

I think that the best answer I can give to my hon. Friend is that since Ottawa South Africa has come on to a sterling standard, leaving Canada as the only important part of the Empire not on sterling.

Photo of Major Abraham Lyons Major Abraham Lyons , Leicester East

Can my non. Friend say whether Canada in the future intends to follow the dollar or to follow sterling?

Photo of Mr Dingle Foot Mr Dingle Foot , Dundee

Is it not a fact that since Ottawa, New Zealand has depreciated her currency by 25 per cent., and does he regard that fact in keeping with the spirit of the Ottawa Agreements