§ 58. Mr. Stokesasked the Chancellor of the Exchequer whether he will consider converting the 5 per cent. Conversion Loan 1944/64, amounting to £322,839,022, the 4 per cent. Consols 1957, amounting to £400,734,544, and the 4 per cent. Funding Loan 1960/90, amounting to £350,193,411, into a new stock not bearing a higher interest charge than 3 per cent., thereby saving approximately £13,966,039 in annual interest payments?
§ Sir K. WoodThe earliest dates at which the three loans referred to can be 700 repaid are 1944, 1957 and 1960, respectively, and in no case, therefore, are the circumstances appropriate to a conversion offer.
§ Mr. StokesWill the Chancellor take the earliest possible opportunity of redeeming these loans at a lower rate?
§ Sir K. WoodI think we had far better wait until 1944.