§ 16. Mr. H. A. Priceasked the Chancellor of the Exchequer, in view of the magnitude of the cash loss suffered by those who accepted the invitation of the Governments of the day to invest in 1932 3½ per cent. War Loan and in 1946 2½ per cent. Treasury Stock, and since the reputation of Government stocks is at stake, if he will give urgent consideration to the possibility of an early announcement assigning redemption or conversion dates.
§ Mr. ErrollNo, Sir. I cannot accept the suggestion that the reputation of Government stocks is at stake. The price of these stocks is, of course, bound to fluctuate with the changes in the long-term rate of interest, but the income remains unchanged. Quite apart from the propriety of varying the terms in favour of the investor and at the taxpayer's expense, it would be impossible to find a way of doing so that would be workable and fair to all concerned.
§ Mr. PriceDoes my hon. Friend appreciate that we are not asking him to vary the terms? We are merely asking that the Government should accept the obligations which they accepted at the time, when they said that the repayment date would be 1952 or later. How much later?
§ Mr. ErrollThat is the question.
§ Mr. PriceMay I have an answer to that question?
On a point of order, Mr. Speaker. In view of the unsatisfactory nature of the answer, I give notice that I shall seek to raise the matter again.
§ Mr. NabarroThe Minister is getting into trouble today.
§ Mr. ErrollThere is nothing unusual in that.