§ 51. Mr. Liddallasked the Chancellor of the Exchequer whether he will, in order to save exchange, tender as payment by the British Government for purchases of Brazilian raw materials, a suitable amount of Brazilian Government and municipal bonds valued, for the purpose, at the net prices received for them in cash by Brazil when issued on the London market?
§ Sir J. SimonNo, Sir. I am afraid that there is no prospect of such an offer being accepted.
§ Mr. LiddallWill the Chancellor of the Exchequer give his reasons for coming to that conclusion?
§ Sir J. SimonAs I understand the hon. Member, his idea is to offer at net issue price, about par, bonds which are now in default and which stand at an extremely low level. I doubt whether that would be accepted.