§ 27. Mr. Grimond
asked the Chancellor of the Exchequer what further progress has been made towards increasing the sterling area's reserves or taking other steps to meet a possible deepening of the recession.
At 30th June the United Kingdom's gold and dollar reserves stood at the figure of £1,099 million, which is some £249 million greater than a year ago.
As regards the second part of the Question, Her Majesty's Government are, of course, in regular contact with the Governments principally concerned and with the appropriate international organisations.
§ Mr. Grimond
Here again, is not there some indication that the depression may be passing from America into Europe? Is not this the moment for Her Majesty's Government to make very strong representations for increasing liquid reserves of both Commonwealth currencies and European currencies?
I do not disagree with what the hon. Member has said and, fortunately, there will be opportunities of discussing this important subject at a meeting of O.E.E.C. towards the end of this month, at the Commonwealth Conference in September, and perhaps at the annual meetings of the International Bank and the International Monetary Fund in October.