§ Major Poole
asked the Chancellor of the Exchequer whether he has any announcement to make regarding Treasury Bills and Treasury Deposit Receipts.
§ Sir S. Cripps
Yes. On and after 1st May next, the currencies of Treasury Bills and of Treasury Deposit Receipts will be expressed in terms of days. Treasury Bills to be issued weekly by tender will be due 91 days after date, instead of three months, and Treasury Deposit Receipts will have currencies of 154, 182 and 210 days, instead of five, six and seven months, respectively. The effect of this will be that Treasury Bills and Treasury Deposit Receipts will (with unimportant exceptions due to Bank and public holidays) mature on the same day of the week as that on which they are issued, and that there will be fewer days on which there can be no maturities. This change should facilitate the day-to-day operations of the Exchequer and of the Money Market.