§ 56. Mr. Stokesasked the Chancellor of the Exchequer what amount of Treasury deposit receipts held by the banks have been converted Ito National War Bonds by 12th February, 1944; and what is the total of conversions to all types of Government loans.
§ Sir J. AndersonThe amounts of subscriptions covered by repayments of Treasury deposit receipts before maturity up to the 12th February, 1944, were £603,000,000 for National War Bonds and £1,346,000,000 for all types of Government loans.
§ Mr. StokesDoes that answer mean that, of the new money created, the banks have been allowed to transfer £1,000,000,000 from long-dated loans at practically no cost to themselves, and that it is costing the community roughly £,30,000,000 a year?
§ Sir J. AndersonThat seems reminiscent of previous questions to which I have given replies.
§ Mr. StokesMay I be told whether my reading of the answer is correct, because the House would like to know?
§ Sir J. AndersonNo, it is a much longer story than that.
§ Mr. A. EdwardsHas the right hon. Gentleman satisfied himself that it is impossible to get the benefit of these funds at a lower rate of interest than is at present contemplated?
§ Sir J. AndersonYes, Sir.