§ The Chancellor of the Exchequer (Sir Stafford Cripps)With your permission, Mr. Speaker, I would like to inform the House that holders of the 1¾ per cent. Exchequer Bonds, of which £787 million are outstanding, are to be offered conversion at par into a new 2¼ per cent. Exchequer Stock, redeemable at par on 15th February, 1955. Full particulars of this offer are being posted to holders during this weekend, and the offer will remain open until and including Monday, 12th December. Holdings of l¾ per cent. Exchequer Bonds not converted will be paid off at par on 15th February next.
§ Mr. Oliver StanleyI am sure that every hon. Member will thank the Chancellor of the Exchequer for his courtesy in making this statement today. It would obviously be inappropriate for me at this stage to comment on his announcement, except to say that the success of the conversion is a matter of national interest. Therefore, irrespective of party, we must hope that it will succeed.
§ Mr. Emrys HughesCan the Chancellor give us an estimate of the saving that will accrue to the Exchequer as a result of the transaction?
§ Sir S. CrippsNo saving will accrue to the Treasury as a result of the transaction.