§ 58. Mr. Lipsonasked 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 HallNo, Sir.
§ Mr. LipsonWill the right hon. Gentleman give a reason for this refusal?
§ Mr. Glenvil HallThere 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. AsshetonWould 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. GallacherWould not the Minister consider reverting to the previous policy, which would be more convenient and give greater satisfaction to the local authority?
§ Sir Frank SandersonWould 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. WilliamsWill 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 HallIt is not true to say that the Chancellor made any such offers or any such promises.