§ 40. Mr. Craven-Ellis
asked the Chancellor of the Exchequer at what rate the Government were able to borrow on both long and short terms in the years 1932, 1935, 1937, and 1938; and further, is it the policy of the Government in the future to maintain cheap money rates?
§ The Chancellor of the Exchequer (Sir John Simon)
As the answer to the first part of the question contains a number of 2977 figures I will, with my hon. Friend's permission, circulate it in the OFFICIAL REPORT. In reply to the second part of the question, no change in policy is in contemplation.
§ Following is the answer to the first part of the question:
§ The yields (including redemption) on Government borrowings, other than Treasury Bills, during the years in question were as follow:
|3 per cent. Treasury Bonds 1933–42||*3||9||11|
|2 per cent. Treasury Bonds 1935–38||2||0||0|
|3 per cent. Conversion Loan 1948–53||3||3||5|
|1 per cent. Treasury Bonds 1939–41||1||7||1|
|2½ per cent. Funding Loan 1956–61||2||13||2|
|2½ per cent. National Defence Bonds 1944–48||*2||10||6|
|3 per cent. National Defence Loan 1954 –58||3||2||4|
|* In these cases annual drawings were provided for and an average life has been assumed. In all other cases the yields are calculated to the latest redemption date.|
§ The average rates of interest of Treasury Bills issued by tender in the years in question were as follow