§ Mr. OLDFIELD (by Private Notice)asked the Chancellor of the Exchequer whether he can state the result of the recent offer of 4½ per Cent. Conversion Loan 1944/64?
§ Mr. P. SNOWDENThe following are the approximate totals:
| £ | |
| 4½ per Cent. Conversion Loan issued for cash | 60,800,000 |
| 4½ per Cent. Conversion Loan issued in exchange for 5½ per Cent. Treasury Bonds, 1930 | 32,000,000 |
§ Mr. D. G. SOMERVILLEDoes the right hon. Gentleman now appreciate the folly of having previously issued a 5 per cent. conversion loan and so fixing the credit of this country at 5 per cent., and, in addition, having had to underwrite a portion of the same by issuing it at a discount?
§ Mr. SNOWDENOn the contrary, it has justified that action. It only shows that all my financial operations are conducted not only with discretion but with wisdom.
§ Mr. ALBERYIs it not a fact that the right hon. Gentleman has invariably stated in this House that it is most undesirable to issue new loans at a discount?
§ Mr. SNOWDENNo, I have never said that. I have said that it is very undesirable to issue loans at a large discount, and, in issuing this loan at 95, I have followed the recommendation of the Colwyn Committee.