HC Deb 11 July 1946 vol 425 c588
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?

Mr. Dalton

It is very good propaganda for this country and His Majesty's Government.