TREASURY BILLS (INTEREST).

HC Deb 10 July 1934 vol 292 cc171-2

32. Mr. MABANE

asked the Chancellor of the Exchequer the average rate of interest on Treasury Bills for the current financial year up to date?

Mr. CHAMBERLAIN

The average rate is 17s. 3d. per cent.

Mr. MABANE

Can my right hon. Friend say whether the additional sum of £11,000,000 which he budgeted for as the estimated cost of the National Debt is likely to prove considerably more than he will require?

Mr. CHAMBERLAIN

My hon. Friend must bear in mind that the average cost of Treasury Bills last year was considerably less than the figure I have quoted.

Mr. MABANE

Is not the average rate he quoted rather less than 5s. per cent. more than the average rate last year, which was 12s. 6d. per cent.?

Mr. CHAMBERLAIN

That would be quite a large proportion.

Mr. THORNE

Can the right hon. Gentleman state who decides the amount of interest to be paid on Treasury bills and who has the allocation of the amount of Treasury bills which are issued?

Mr. CHAMBERLAIN

Perhaps the hon. Member will put that question down.