HC Deb 20 June 1939 vol 348 cc2016-7
60. Mr. Moreing

asked the Chancellor of the Exchequer whether there was an increase in the note circulation of £14,854,850 compared with last year published in the Bank of England Return of 31st May?

Sir J. Simon

The figure given by my hon. Friend is that of the increase in the notes in circulation on 31st May, 1939, as compared with 1st June, 1938. He will, of course, be aware that this year Whit Monday fell on 29th May. In view of the question by my hon. Friend on 6th June, I had perhaps better point out that there is a distinction between note circulation and note issue.

Mr. Moreing

If the right hon. Gentleman will take the notes in the Banking Department and the notes in circulation and add them together he will find that the total note issue has not been increased but it is a fact that the notes in circulation have increased, in number, I think altogether by some 140,000,000 since 1931 and therefore, I think his statement that my question of 6th June, was not founded on facts is unfair.