§ 59. Mr. William Palingasked the Chancellor of the Exchequer how far he 50W has examined the question of a change in the note issue; and if he will make a statement.
§ Mr. Glenvil HallChanges in the design of Bank of England notes have occurred in the past, and changes may occur in the future, but an outstanding note issue of £1,400 million could not, of course, be replaced either soon or suddenly. It is perhaps unnecessary to add that under no circumstances would the old notes lose their value. When notes are withdrawn from circulation it is the invariable practice of the Bank of England to pay the full face value of any note presented to them. I can conceive of no circumstances in which the Bank would fail to discharge their obligation.