Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 8 July 1947.
Mr Alfred Bossom
, Maidstone
12:00,
8 July 1947
asked the Chancellor of the exchequer (1) if he has now considered the evidence sent him of the price at which the pound sterling could be bought at the Chase National Bank in New York; and if he will make a statement;
(2) if he will instruct his representatives to go to a national bank in New York, Brussels and Berne and ascertain at what price English £'s can be purchased in terms of the national currency and not on the so-called pegged rate of exchange; and if he will report the result of these inquiries to the House.
Mr Hugh Dalton
, Bishop Auckland
The evidence which the hon. Member has sent me refers to the price of sterling notes abroad, whereas my answer to him last Tuesday referred to the price of sterling on bank accounts, in which the vast Majority of transactions are settled. The price of sterling notes abroad is usually below the official- rate, because, except for the £20 allowed to travellers, these notes may not legally leave or enter the United Kingdom.
Mr Alfred Bossom
, Maidstone
I can see the Minister's point, but would he in future place in the Statistical Digest the price which anyone has to pay for an English pound in the places I have named, according to the bank and also in the black market, because there is a great reflection on our credit with the rest of the world if that is allowed to go on without an answer from the Chancellor.
Mr Hugh Dalton
, Bishop Auckland
No, Sir, I would rather not publicise this information, which is in our hands, of course, because it might put ideas into the heads of people who otherwise might not think it worth while to purchase British sterling notes abroad. I think that if the hon. Gentleman thinks it over, he will realise that it would not be very advantageous.
Sir John Foster
, Northwich
Is the Chancellor aware that, as I understand it, it is quite legal for a non-resident coming into this country to have a certain amount of pound notes, and that these are quite legitimately acquired at a discount rate?
Mr Hugh Dalton
, Bishop Auckland
I said nothing to the contrary.
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.
The term "majority" is used in two ways in Parliament. Firstly a Government cannot operate effectively unless it can command a majority in the House of Commons - a majority means winning more than 50% of the votes in a division. Should a Government fail to hold the confidence of the House, it has to hold a General Election. Secondly the term can also be used in an election, where it refers to the margin which the candidate with the most votes has over the candidate coming second. To win a seat a candidate need only have a majority of 1.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
Ministers make up the Government and almost all are members of the House of Lords or the House of Commons. There are three main types of Minister. Departmental Ministers are in charge of Government Departments. The Government is divided into different Departments which have responsibilities for different areas. For example the Treasury is in charge of Government spending. Departmental Ministers in the Cabinet are generally called 'Secretary of State' but some have special titles such as Chancellor of the Exchequer. Ministers of State and Junior Ministers assist the ministers in charge of the department. They normally have responsibility for a particular area within the department and are sometimes given a title that reflects this - for example Minister of Transport.
