§ 53. Mr. Blackburnasked the Chancellor of the Exchequer whether he will now make a statement on the response to the calling of 3 per cent. Local Loans and the offer in exchange therefore of 2½ per cent. Treasury Stock and when the present offer of the latter stock will be withdrawn.
§ Mr. DaltonOut of a total of £429 million of 3 per cent. Local Loans Stock, holders of £304 million have asked that their redemption money should be invested in the tap issue of 2½ per cent. irredeemable Treasury Stock. Cash subscriptions to the tap issue so far amount to £120 millions. This is very satisfactory and well up to my expectations. Already we are almost home, and I shall not keep the tap open much longer.