§ 41. Mr. NEEDHAMasked the Chancellor of the Exchequer, with a view to further increasing the popularity and success 123 of Exchequer Bonds, whether he will arrange for the joint stock banks and other approved bankers to act as agents for the Bank of England so that, through the medium of their 9,000 banking offices, they can issue, renew, and repay the bonds?
§ Mr. McKENNANo evidence has reached me that the existing arrangements in connection with Exchequer Bonds do not adequately meet the convenience of the public. When the time arrives for the renewal or repayment of the bonds arrangements will certainly be made for effecting such renewal or repayment through the channels through which subscriptions are now received.
§ 42. Mr. NEEDHAMasked the Chancellor of the Exchequer whether he can see his way to the issue of Five per Cent. Exchequer Bonds of three, five, seven and ten years duration which would be repayable on due date or renewable at the market rate then current on the termination of their respective currencies, and thus further extend the use of the principle of day-to-day borrowing and repayment?
§ Mr. McKENNAI do not think it would be desirable to complicate the existing arrangements, which are working on the whole satisfactorily.