§ 72. Sir F. WISEasked the Chancellor of the Exchequer the saving in interest to the Treasury on the recent conversion offer to the holders of the £109,000,000 five per cent. Treasury bonds, 1927, and the amount to provide a capital sum on redemption?
§ Mr. A. M. SAMUEL (Secretary, Overseas Trade Department)The saving in interest is £419,000 per annum. The answer to the fast part of the question depends on assumptions as regards the exercise of the redemption options by the holders and also as regards the rate of interest prevailing at those dates which I am not in a position to make.
§ Mr. N. MACLEANSeeing that the Government have already given the Italian Government a loan free of interest, cannot they approach these bondholders to see if they will not lend this country a loan free of interest?