§ 52. Mr. Craven-Ellisasked the Chancellor of the Exchequer the total amount loaned by the Bank of England and the joint stock banks on short term in Treasury deposit receipts and Treasury bills; and what is the annual interest charge paid on these amounts?
§ Sir K. WoodThe total of Treasury deposit receipts outstanding on 25th July was £654,500,000, representing deposits by the Clearing and other Banks. Interest is payable at the rate of 1⅛ per cent. per annum. Treasury bills are transferable by delivery, and I cannot say what proportion of the total outstanding is held in any particular hands. The current rate of discount is approximately 1 per cent. per annum.
§ Mr. Craven-EllisIs it not time that this war was financed on a system which would be more beneficial to the people as a whole instead of to a small and privileged class?
§ Sir K. WoodThe system of financing this war gives many causes for satisfaction.
§ Mr. Craven-EllisI accept that, but I must ask my right hon. Friend again whether he does not think there is still room for improvement in order to ease the burden on the taxpayer?
§ Sir K. WoodThere is always room for improvement. I have read my hon. Friend's publications on this matter, and I will continue to study them.