§ 57. Mr. Stokesasked the Chancellor of the Exchequer whether he is aware that during the first eleven weeks of 1939 the Treasury bill discount rate averaged 11s. per cent., and that the average rate for 1938 was 12s. 6d. per cent., as compared with over 20s. per cent. to-day; and whether he will take steps to reduce the Bank Rate so that the discount rate may be restored to the lower figure?
§ Sir J. SimonAlthough my information gives slightly different figures from those in the first part of the Question, their relations are broadly the same. As regards the second part of the Question, I would refer to the reply given to a Question by the hon. Member for Kennington (Mr. Wilmot) on 27th February last. I see that it was to this Question that I was referring in reply to the hon. Member's Supplementary Question just now.
§ Mr. StokesDoes the Chancellor of the Exchequer wish us to understand that the Treasury do not at the present time instruct the Bank as to the alteration of the Bank Rate?
§ Sir J. SimonIf the hon. Member will refer to the answer which I gave he will find that the considerations which he asks about are dealt with there.