asked the Chancellor of the Exchequer whether he is satisfied that the contraction of the active note circulation by £19,769,000 in the past fortnight is not in some degree due to black market operators disposing of illicit gains; and whether he will now therefore give further consideration to the recall of the currency.

I have nothing to add to the reply which I gave to the hon. Member for Bucklow (Mr. Shepherd) on 18th November.

While appreciating the importance of the element of surprise in this matter, will the Chancellor continue to bear in mind the enormous volume of the transaction involved?

If the hon. Member will look at the answer I gave, I think he will be satisfied.

Would not the Chancellor agree that the discussion during the Budget Debates on recalling the note issue has caused some embarrassment in the black market?

It has apparently caused embarrassment to somebody.