§ 40. Mr. JOYNSON-HICKSasked the Chancellor of the Exchequer whether he has yet been able to consider the possibility of making arrangements for current Treasury Bills to be accepted in payment of applications for the War Loan, subject to deduction for the difference in the rate of interest?
§ The CHANCELLOR of the EXCHEQUER (Mr. McKenna)As I stated in this House on 22nd June, it has been arranged that the Bank of England will, if a holder cannot do better in the market, rediscount Treasury Bills at 4½ per cent, for the purpose of paying up calls or full subscriptions to the Loan.