§ 55. Mr. PETHICK-LAWRENCE
asked the Chancellor of the Exchequer, in view of the objections taken by the Colwyn Committee and others to the issue of stock at a substantial discount whereby the face value of the debt is considerably increased, whether when further conversions become necessary, he will explore the possibility of issuing a 4½ per cent. security, not short dated, at a price in the neighbourhood of par?
§ Mr. CHURCHILL
The opinion of the Colwyn Committee is entitled to great 2329 respect but there is not, I think, general agreement on this point. Their use of the words "substantially below par" appears to indicate that they did not intend to press their opinion too far. All possibilities, including that to which the hon. Member refers, will, of course, be carefully explored before future conversion operations are decided on.