– in the House of Commons at on 11 March 1935.
Mr Charles Summersby
, Shoreditch
asked the Chancellor of the exchequer whether he can give the House information and figures by which it may be possible to measure the fall of the French franc as against the fall of the pound sterling since the War?
Mr Duff Cooper
, Westminster St George's
On the 19th March, 1919, immediately before the wartime regulation of the rates of exchange between London, Paris, and New York came to an end, the pound was worth 27½ francs. To-day it is worth 71. In terms of gold the franc has fallen from 4.023 grains to.9097 of a grain, and the pound from 110.6 to 65. In terms of goods, according to the available wholesale index numbers, the franc has fallen in value slightly since 1919, while the pound has rather more than doubled in value.
Mr William Thorne
, West Ham Plaistow
Can the hon. Gentleman explain who decides upon the selling price of gold every day?
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.
