§ 58. Mr. Douglasasked the Chancellor of the Exchequer whether he has any 1286 statement to make on the proposed withdrawal of Bank of England notes of denominations above £5; and whether it is proposed to replace any part of the notes withdrawn by either £5 notes or £1 notes.
§ Sir J. AndersonAt this stage I do not think I can add anything to the Explanatory Note which is appended to the Regulation as presented to the House, except to say that its primary purpose is to assist the operation of the Exchange Control. It carries a stage further the action taken in April, 1943, by the Bank of England in withdrawing notes for £10 and upwards from circulation. The notes called in will be replaced by notes of smaller denominations in so far as those presenting the larger notes ask for payment in that way.