HC Deb 12 May 1925 vol 183 cc1677-8
60. Sir FRANCIS WATSON

asked the Financial Secretary to the Treasury

  1. (1) what consideration the Bank of England have given, or agreed to give, for the privilege of issuing Treasury notes or currency notes of low denomination to take their place;
  2. (2) who will benefit by the natural wastage of the new notes proposed to be issued by the Bank of England?

Mr. GUINNESS:

As explained in the Currency Committee's Report, the transfer to the Bank of England of the present currency note issue cannot take place for some time. Before the legislation necessary for this purpose is introduced, the terms on which the Bank will undertake the issue will be discussed

Mr. DENNIS HERBERT

As this is matter of some importance to a large group of people in one particular division, may we take it for certain that there will be no radical change in the method of producing these Treasury notes in the immediate future?

Mr. GUINNESS:

It must be a considerable time before the Government can be in a position to come to any decision in this matter

Mr. LEES-SMITH:

When the right hon. Gentleman says the terms will be discussed, does he mean discussed in this House?

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