§ 63. Sir F. Sanderson
asked the Chancellor of the Exchequer whether he is aware that, as a result of powers embodied in the Finance Act, 1935, to issue local loans stock in such form as may be best suited to modern conditions and to convert existing local loans stock if and when such conversion may be feasible, this stock is now regarded as 2184 in the nature of a short term stock by trustees and others; and whether, in view of the rceent change that has taken place in gilt-edged and other trustee securities, he will now consider abrogating the powers which he took in 1935 for the conversion of local loans stock?
Inquiries which I have caused to be made do not confirm the suggestion contained in the first part of my hon. Friend's question. The answer to the second part of the question is in the negative.