§ Mr. CLOUGHasked the Chancellor of the Exchequer whether the promise and condition made to the public when the Five per cent. War Loan, 1929–47, was issued, that £10,000,000 per annum should always be expended in redeeming stock if and when the market price fell below 95, has been duly fulfilled?
Mr. CHAMBERLAINThe undertaking, as set out in the prospectus of Four per cent, and Five per cent. War Loan, was to set aside monthly a sum equal to one-eighth of 1 per cent. of the amount of each loan to form a fund to be used for purchasing stock or bonds for cancellation whenever the market price fell below issue price. This undertaking, which involves an expenditure of approximately £30,000,000 per annum, is being carried out.