§ 44. Mr. McKibbinasked the Chancellor of the Exchequer whether he will consider issuing a savings certificate, to be called a "par bond," on which no interest would be paid but which would be redeemable at any time at the same spending value as at the date when purchased.
§ Mr. H. MacmillanNo, Sir. I fear I could not accept this plan.
§ Mr. McKibbinDoes my right hon. Friend not consider that these par bonds would be an indication to the world of the Government's confidence in their ability to stabilise or decrease the cost 876 of living? Does he not consider that many investors would purchase them to nullify a possible fall in the value of the £? Will he investigate a scheme being worked on similar lines in Finland?
§ Mr. MacmillanMany considerations have to be taken into account in the issuing of Government bonds, and I must say I could not accept this particular suggestion.