§ 56. Sir FRANK SANDERSONasked the Chancellor of the Exchequer what is the amount of inflation of the face value of the National Debt due to the issue of new loans and conversion loans at a discount; and whether he will favourably consider issuing future loans or conversions at a figure not appreciably below par?
§ Mr. CHURCHILLMy hon. Friend will find an analysis of the increase in the nominal debt due to the issue of loans at a discount since 1920 in the Colwyn Report on Debt and Taxation (Command Paper 2800). In reply to the last part of the question all relevant considerations are very carefully weighed before any issue is made.
§ Mr. PETHICK-LAWRENCEWill the right hon. Gentleman bear in mind the statement made by the Financial Secretary on the 23rd February, that the Treasury were averse to issuing loans at a considerable discount?
§ Mr. CHURCHILLYes, Sir, I will certainly bear it in mind, and will take an opportunity of refreshing my information on the subject.