Sir J. D. REES
asked the Chancellor of the Exchequer whether gold can be exported from England at present without a licence; whether gold exported from Africa to America realises 85s. 6d. per oz., as against 77s. 9d. paid by the Bank of England for gold purchased; whether this unduly prejudices the Indian producer in competition with the African producer; whether any means of redressing the inequality are under consideration; whether the Ordinances prohibiting private imports of gold and silver into India are to be maintained; and whether action in this behalf is taken after consultation with and concurrence obtained of the Secretary of State for India?
The answer to the first part of the question is in the negative, but licences for re-export are freely given. As regards the second part, 1 understand that under arrangements made between the Bank of England and South African producers of gold, such producers will be able to sell their gold in London at the open market price, and that negotiations are now taking place between the Bank and the Indian gold producers with the object of arriving at a similar arrangement in their case. With regard to the Indian Ordinances mentioned in the last parts of the question, I would refer the hon. Member to the answer I gave to the hon. Member for the Buckrose Division on the 5th June.