§ Mr. Arbuthnot
asked the Chancellor of the Exchequer whether he will make a statement regarding the currency of Treasury bills.
§ Mr. R. A. Butler
Yes. The Treasury bills issued weekly by tender have, since 1st May, 1950, become due 91 days after date. On and after Friday, 28th October, 1955, tenders may also be invited for bills falling due 63 days after date. Bills of the new currency will not be offered each week, but only as and when the needs of the Treasury so require. The usual weekly announcement in the London Gazette will indicate the bills to be offered at the next tender.
The introduction of bills of the new currency will give greater flexibility in the management of the Floating Debt, and, in particular, will assist the Treasury to adjust the maturities of Treasury bills at different periods of the year to match seasonal variations in the flow of funds to the Exchequer.