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Dewislen

Three per cent. Conversion Loan (Redemption)

Oral Answers to Questions — National Finance – in the House of Commons am 12:00 am ar 2 Rhagfyr 1947.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Sir Waldron Smithers Sir Waldron Smithers , Orpington 12:00, 2 Rhagfyr 1947

asked the Chancellor of the Exchequer if he proposes to convert or pay off the £302 million of 3 per cent. Conversion Loan on 1st March, 1948.

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

Notice was given in the Gazette on the 28th November that this loan will be redeemed at par on the 1st March, 1948.

Photo of Sir Waldron Smithers Sir Waldron Smithers , Orpington

Will the Chancellor of the Exchequer give an assurance that he will not repeat the folly of his predecessor in trying to buy back Gilt Edged securities at 2½ per cent. on a long-term basis in order to try and redeem this amount more cheaply?

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

I shall try to carry out the wise policy of my predecessor.