§ 49. Sir N. Grattan-Doyleasked the Chancellor of the Exchequer whether he is aware that 60 to 80 per cent. of the Australian conversion loan offered in London at the end of November was left with the underwriters; and will he represent to the Australian authorities that, until a considerable proportion of the loans issued here has been repatriated to Australia, no issues of new or conversions of old Australian loans will be permitted to be ranked upon the trustee list?
§ Sir J. SimonThe answer to the first part of the question is in the affirmative, but I would remind my hon. Friend that the immediate result of any such operation is to a great extent dependent upon 203 market conditions at the tune of issue. The answer to the second part of the question is in the negative.