55. Mr. Graham White
asked the Chancellor of the Exchequer what arrangements are being made for the redemption of 22 per cent. National Defence Bonds.
§ The Financial Secretary to the Treasury (Mr. Assheton)
I have been asked to reply. In accordance with the Prospectus of 27th April, 1937, the Bonds will be redeemed at par by means of annual drawings, and the first drawing will be that for the Bonds to be redeemed on 15th September, 1944. The amount of Bonds to be drawn at the first drawing will be 20 per cent. of the nominal amount of Bonds created. The amounts to be drawn in future years will be prescribed before each drawing, and, in accordance with the Prospectus, will be such amounts as may be thought expedient, provided that the amount to be drawn in any year will not be less than 20 per cent. of the nominal amount of Bonds created. Each drawing will take place in accordance with Regulations made by His Majesty's Treasury and the arrangements will be duly advertised in the "London Gazette."
§ Sir W. Davison
Will not my right hon. Friend consider whether this is something of a lottery and encouraging gambling?