§ The Chancellor of the Exchequer (Mr. Dalton)
With your permission, Mr. Speaker, I should like to make a short statement on the result of the recent tap issue which closed on Tuesday.
The House will be glad to know that, following a heavy rush in the last week, the total of subscriptions to the cash issue of the 2½ per cent. Savings Bonds, 1964–67, exceeds £415 million. This is an excellent result. The average weekly rate of subscription, at over £55 million, is a record by comparison with all previous tap issues. Never before, through a cash issue, have His Majesty's Government borrowed so much for so little for so long. The response of the holders of 2½ per cent. National War Bonds, 1946–18, to convert their holdings into 2½ per cent. Savings Bonds, 1964–67, was also very satisfactory. This offer also closed on Tuesday and, out of £493 million of National War Bonds, over £330 million have been converted. The House will, I am sure, agree with me that these results are a striking testimony to the sustained strength of the national credit.
§ Captain Sir Peter Macdonald
Does the Chancellor of the Exchequer think that the statement he has just made is good propaganda for the American Loan?