§ 55. Sir W. Smithersasked the Chancellor of the Exchequer why notes of £10 and over are being withdrawn from circulation, and not the smaller denominations.
§ Sir J. AndersonThe reasons are that the notes of higher denominations afford a readier means of evading the Exchange 1892 Control and other Regulations, and that, in view of modern banking facilities, such notes are no longer essential for use as currency within this country.
§ Sir W. SmithersIf the object of this withdrawal is to stop hoarding and black-marketing, does my right hon. Friend not realise that unless the whole currency issue is withdrawn and reviewed, his whole object—with which we all agree—will be vitiated?
§ Sir J. AndersonNo, Sir. I have explained what the object is. It is more limited than my hon. Friend suggests, and those advising me think that the purpose will be achieved.
§ Sir W. SmithersWhy does my right hon. Friend not take steps to make it a broader issue?