§ Mr. Loftus
asked the Chancellor of the Exchequer whether Treasury deposit receipts borrowed by the Treasury from 312W the joint stock banks at 1⅜per cent. are convertible at any time into subscriptions to long- or medium-term Government loans bearing a considerably higher rate of interest?
§ Sir K. Wood
I would refer my hon. Friend to the reply which I gave on 3rd December, 1940, to similar Questions on this subject to my hon. Friend the Member for Evesham (Mr. De la Bère). I should add that the rate of interest paid on Treasury deposit receipts is not 1 ⅜ per cent. but 1⅛ per cent.