§ 55. Mr. Osborneasked 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. DaltonI 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. OsborneMay I ask for a specific answer, whether prices are rising because of what the Chancellor of the Exchequer has done in the meantime?
§ Mr. DaltonThe hon. Gentleman must not pry too deeply into these secrets.
§ Colonel Crosthwaite-EyreCan 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. DaltonThat is the same Question as the one I declined to answer.
§ 59. Mr. Osborneasked 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. DaltonNo, Sir.