§ MR. COLERIDGE KENNARDasked Mr. Chancellor of the Exchequer, Whether, during the present Session of Parliament, Her Majesty's Government intend to develop the scheme for the conversion of 3 per cent. Consols into a 2¾ per cent, and 2½ per cent. Stock by the exercise of compulsory powers; and, whether he can relieve the uncertainty in the minds of the recipients of weekly wages as to the real value of the half-sovereign, by announcing his determination not to re-introduce the Coinage Bill, which converted the gold ten shilling piece into a token of the intrinsic value of nine shillings?
THE CHANCELLOR OF THE EXCHEQUER (Mr. CHILDBES)In reply to the first part of the Question, I have to say that the National Debt (Conversion of Stock) Act, passed on the 3rd of July last, gave to Her Majesty's Government two 109 years in which to offer optional conversions of Debt. I have no communication on the subject to make to Parliament at this moment. As to the second part of the Question, I have to remind the hon. Member that the intrinsic value of the silver coins which the recipient of weekly wages is bound to accept for a payment of 10s. is not quite 7s. 5d. I do not think that, under such circumstances, any sensible recipient of weekly wages requires his mind to be relieved on that subject.
§ LORD JOHN MANNERSIs it intended to re-introduce the Coinage Bill?
THE CHANCELLOR OF THE EXCHEQUER (Mr. CHILDEES)As the noble Lord is well aware, I am not in a position at this moment to state whether or not the Bill will be re-introduced this year.