HC Deb 01 April 1947 vol 435 cc1833-4
55. Mr. Osborne

asked the Chancellor of the Exchequer what effect the fall in old Consols from 99½ per cent in October, 1946, to under 94 per cent. today has had on the cheap money policy of the Government; and if he proposes to take steps to restore the level of British Government securities.

Mr. Dalton

I hope to deal with the cheap money policy in some detail in my Budget statement. Meanwhile, the hon. Member will be glad to see that gilt-edged prices are again rising.

Mr. Osborne

May I ask for a specific answer, whether prices are rising because of what the Chancellor of the Exchequer has done in the meantime?

Mr. Dalton

The hon. Gentleman must not pry too deeply into these secrets.

Colonel Crosthwaite-Eyre

Can the Chancellor of the Exchequer say how much of this rise is due to the action of His Majesty's Government in taking stock off the market?

Mr. Dalton

That is the same Question as the one I declined to answer.

59. Mr. Osborne

asked the Chancellor of the Exchequer if, in view of the recent sharp fall in British Government securities, he will consult the London Stock Exchange Committee regarding the reimposition of minimum prices for all gilt-edged stocks so as to prevent temporary panic selling.

Mr. Dalton

No, Sir.