HC Deb 06 July 1943 vol 390 c1930
51. Mr. De la Bère

asked the Chancellor of the Exchequer whether he can make a statement showing the total amount of conversion into 2½ per cent. and 3 per cent. Government stocks made by the banks from the commencement of hostilities to 30th June, 1943; and whether it is the intention of the Government to continue on the same scale these operations until the cessation of hostilities?

Sir K. Wood

I assume that my hon. Friend's inquiry relates to Treasury deposit receipts, which were first issued to the banks on 1st July, 1940. Between that date and 30th June, 1943, the totals of Treasury deposit receipts encashed and the proceeds applied to new 2½ per cent. Government Loans were approximately £525,000,000 and to 3 per cent. Loans approximately £225,000,000. In reply to the second part, the expected advantages of the scheme have been fully realized, and I see no reason to modify the right of the banks to encash Treasury deposit receipts before maturity to cover subscriptions to Government loans on behalf of their customers or of themselves. The extent to which that right is exercised is, of course, a matter within the discretion of the banks.

Mr. De la Bère

Is my right hon. Friend aware that his assumption is correct? I did refer to Treasury deposit receipts.