Mr. A. T. DAVIESasked the Chancellor of the Exchequer whether, seeing that during the seven days ending 4th May instant, approximately £16,000,000 new credit was created at the Bank of England for His Majesty's Government, he will state why the Treasury did not issue enough Treasury bills to avoid that temporary inflation?
Mr. YOUNGThe recent temporary increase in the amount of Ways and Means advances from the Bank of England is explainable mainly by the necessity which existed to spread the maturities of the volume of the outstanding Treasury Bills more evenly over the quarter.