§ 53. Miss Quennell
asked the Chancellor of the Exchequer what addition to the cost of the Gas Council's forthcoming loan of £31 million to be raised in Germany is being made by his Department; and how much of this represents a charge for the exchange rate insurance service to be provided on two-thirds of the total.
§ Mr. Harold Lever
The additional cost to this borrowing charged by the Treasury will relate solely to the special arrangements designed to relieve the borrower of exchange uncertainties. The Gas Council have asked for this facility in respect of their recent public issue in Germany, amounting to about £20 million. The charge will be so calculated so 65W as to leave the Gas Council a clear ¼ per cent. advantage over borrowing the same amount from the National Loans Fund.