HC Deb 11 March 1948 vol 448 cc1417-8
58. Mr. Lipson

asked the Chancellor of the Exchequer if he will take powers in the next Finance Bill to accept 1946 Treasury 2½ per cent. stock at par for Death Duties where the holders of 3 per cent. local loans accepted this stock on conversion on the strength of the former Chancellor's expressed determination that Government stock would be on a 2½ per cent. basis, since when a 3 per cent. Transport stock is being issued and the Treasury 2½ per cent. has fallen to 80.

Mr. Glenvil Hall

No, Sir.

Mr. Lipson

Will the right hon. Gentleman give a reason for this refusal?

Mr. Glenvil Hall

There are a very large number of reasons. The question is simply riddled with fallacies, and if I spent the time of the House in answering them all now it would take up considerable time. If the hon. Gentleman cares to see me afterwards, I will give them to him then.

Mr. Assheton

Would the right hon. Gentleman in future try to avoid putting out a stock from the Treasury which falls 22 points in a very short time?

Mr. Gallacher

Would not the Minister consider reverting to the previous policy, which would be more convenient and give greater satisfaction to the local authority?

Sir Frank Sanderson

Would the Minister consider allowing the original subscribers to this 2½ per cent. loan to use it for the purpose of Death Duties since they have already lost 20 per cent. of their investment?

Mr. G. Williams

Will not the Financial Secretary simply say that it is undesirable that the Chancellor should make such misleading statements which involve the public in great financial losses?

Mr. Glenvil Hall

It is not true to say that the Chancellor made any such offers or any such promises.

Mr. De la Bère

The whole thing is thoroughly unsatisfactory.