Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 5 August 1947.
Mr. E. P. Smith:
asked the Chancellor of the exchequer if he is aware that the fall in the value of Government stocks is continuing upon a substantial scale; and what steps he proposes to take to reassure both existing holders and potential purchasers as to the stability of such securities.
Mr Hugh Dalton
, Bishop Auckland
I would refer the hon. Member to my reply to the hon. Member for Louth (Mr. Osborne) on 15th July.
Mr Hugh Dalton
, Bishop Auckland
I might indicate a private opinion, but I think it would be a mistake to make it official.
Mr Charles Hale
, Oldham
Does my right non. Friend not agree that this recession followed immediately on rumours of a Coalition Government and that when Tory hopes are dispelled tomorrow, a recovery may be confidently anticipated?
Sir Frank Sanderson
, Ealing East
Can the Chancellor of the exchequer state whether there is any alteration in his cheap money policy or whether, taking the long view, it remains unaltered?
Mr Hugh Dalton
, Bishop Auckland
We shall have a Debate which will no doubt cover a lot of matters and I had better not give snap answers to such questions as that of the hon. Gentleman.
Mr Morgan Price
, Forest of Dean
Is the right hon. Gentleman aware that there are firms of stockbrokers who have been advising their clients to sell their, securities and put the money on deposit in the bank? Is that not a contributory cause to what is going on in the City?
Mr Hugh Dalton
, Bishop Auckland
I have no doubt that a lot of advice has been given by a lot of stockbrokers and other people to a lot of clients and others, and no doubt it has been discordant in some respects because some advise one thing and some another, but that is not my official affair.
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 political party system in the English-speaking world evolved in the 17th century, during the fight over the ascension of James the Second to the Throne. James was a Catholic and a Stuart. Those who argued for Parliamentary supremacy were called Whigs, after a Scottish word whiggamore, meaning "horse-driver," applied to Protestant rebels. It was meant as an insult.
They were opposed by Tories, from the Irish word toraidhe (literally, "pursuer," but commonly applied to highwaymen and cow thieves). It was used — obviously derisively — to refer to those who supported the Crown.
By the mid 1700s, the words Tory and Whig were commonly used to describe two political groupings. Tories supported the Church of England, the Crown, and the country gentry, while Whigs supported the rights of religious dissent and the rising industrial bourgeoisie. In the 19th century, Whigs became Liberals; Tories became Conservatives.
