§ 48. Mr. LEWISasked the Chancellor of the Exchequer when the restrictions on optional conversion issues which rank as trustee securities and involve either underwriting or an invitation to the public to subscribe new cash will be removed?
§ Mr. HORE-BELISHANew issues of securities of the trustee class are being made rapidly; there have been about a dozen in the last six or seven weeks. The limited restriction referred to in the question is necessary to prevent congestion of the market and my right hon. Friend is not in a position to indicate when it can be withdrawn. I take this opportunity of indicating that the restriction does not prevent local authorities in this country from issuing stock for the purpose of funding mortgages, subject to agreement with the Bank of England as to date and amount of issue.