– in the House of Commons at on 19 June 1941.
Mr Richard Stokes
, Ipswich
asked the Chancellor of the exchequer how the valuation of shares for the sale of the American Viscose Company to America was arrived at; and what was the urgency for continuing the sale, in view of the lease of bases to the United States of America and the decision of the Canadian Government with regard to gold payments?
Sir Kingsley Wood
, Woolwich West
These shares were sold to the public by an American banking syndicate at the best price at which it appeared that they could be successfully placed on the market. The object of the sale was to add to our exchange resources, and I would remind my hon. Friend that our need of foreign exchange remains great, despite the far-reaching assistance given to us as regards new supplies by the United States under the Lease-Lend Act and by the helpful attitude of the Canadian Government.
Mr Richard Stokes
, Ipswich
Is the right hon. Gentleman aware that the "New York Times" described the sale as detrimental to Britain? Does he propose to continue this policy of forced sales?
Sir Kingsley Wood
, Woolwich West
I am not acquainted with what the "New York Times" said.
Mr Richard Stokes
, Ipswich
Will the right hon. Gentleman look at what is said in other countries? It is commonly said that he is acting in the interests of Wall Street and no-one else.
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.
