asked the Chancellor of the Exchequer if he is aware that 2½ per cent. Consols have fallen from 99 per cent. to 91 per cent. during the year; whether Treasury support to the gilt-edged market is being withdrawn; and how much further the Government is prepared to allow the gilt-edged market to slide.

I keep myself informed of these ups and downs, but, as I have said before, it would be contrary both to long established precedent and to the national interest that I should make public statements on the matters raised in the second and third parts of this Question.

In view of the warning given by the City Editor of "The Times" last Thursday that the gilt-edged market may go lower, may I ask the Chancellor whether it is his policy to maintain or to discontinue his cheap money policy?

The hon. Member had better re-read my Budget speech. As a matter of historical interest, when this Government took office Consols were down to 82, and between the wars, under a Conservative Government, in December, 1920, they were as low as 43.

Can the Chancellor state whether taking the long view, his policy remains unaltered, namely, to continue a cheap money policy?

Yes, Sir.

Why could not I have had that question answered?