§ 59. Mr. Pethick-Lawrence
asked the Chancellor of the Exchequer whether, in view of the completion of the stock conversion operations recently carried out by several local authorities, he is prepared to allow conversions of high interest-bearing securities issued by public utility undertakings?
§ Sir K. Wood
Yes, Sir. I am satisfied, after consulting the Capital Issues Committee, that it would be in the national interest to allow public utility undertakings to convert issues bearing interest at over 4 per cent. to lower rates, by offers on terms and at dates to be agreed in each case, provided of course that the offers are within the terms of the prospectuses upon which the issues were originally made. In the first instance I propose to deal with those cases in which Treasury consent in principle has already been given: I must emphasise, however, that I cannot see my way at present to lift the present ban on other optional conversions.