§ 46. Sir J. Mellorasked the Chancellor of the Exchequer whether the Treasury, in forming the opinion of the value of British Transport Stock on 1st January in purported pursuance of Section 89 (2) of the Transport Act, 1947, had regard to the fact that, other conditions being equal, stocks guaranteed by the Government have normally commanded a lower price than the Government's direct obligations; and whether regard will be had to this fact in estimating the value of British Electricity Stock.
§ Sir S. CrippsIn reply to the first part of the Question, I have nothing to add to the answer which I gave to the hon. Baronet on 20th January last. In reply to the second part, I would refer the hon. Baronet to the answer which I gave him on i6th March.
§ Sir J. MellorWas not the distinction referred to in the Question emphasised by the Government's attempts to wriggle out of their guarantee on the London Transport 3 per cent. Guaranteed Stock—an attempt which was thwarted only by the protests of the Opposition?
§ Sir S. CrippsNo, Sir.