§ 50. Mr. Wilmotasked the Chancellor of the Exchequer whether, in view of the successful termination of the recent 3 per cent. War Loan conversion, he will ease the unnecessary high interest burden on ratepayers by removing the ban on the conversion of maturing corporation loans to lower rates of interest?
§ Sir J. SimonI would refer the hon. Member to the replies given on this subject on 2nd and 23rd April to the right hon. Gentleman the Member for East Edinburgh (Mr. Pethick-Lawrence).
§ Mr. WilmotIs the right hon. Gentleman aware of the great burden which this is causing to first class municipalities, for instance, Bristol, which has £1,500,000 6 per cent. loan maturing which it can convert at a round 3 per cent.?
§ Sir J. SimonThe instance which the hon. Member has given indicates the difficulty. Although I appreciate the importance of this to local authorities, when one says they can convert at round about 3 per cent. What is meant is that they can convert a certain part but that for the rest they will have to raise new money.