§ Mr. HEPWORTHasked the Chancellor of the Exchequer whether he will consider the desirability of issuing a weekly statement as to the extent of conversions of the existing War Loan into the new 3½ per cent. stock so as to encourage those who have not taken a similar line to do so without delay?
§ Major ELLIOTI would refer my hon. Friend to the oral reply which I gave to questions asked by the hon. Members for Salford South (Mr. Stourton) and Edinburgh East (Mr. Mason) to-day. The number of applications received makes it inevitable that there should be considerable lag in analysing the results, and I cannot undertake either now or at any particular date to give figures in a form that reflects the true extent of the public response to the scheme.
§ Mr. HEPWORTHasked the Chancellor of the Exchequer what amount of War Loan the public Departments have converted or intend to convert?
§ Major ELLIOTThe total amount of 5 per cent. War Loan held by all Government Departments is about £36,500,000. Of this, less than £1,000,000 is under the full control of the Departments, and has already been converted. The remainder is held by Departments such as the Charity Commissioners, the Public Trustee and the Accountant-General of the Supreme Court of Judica-1304W ture, acting in a fiduciary character; and before conversion of these holdings can be effected it is necessary to consult the persons or bodies interested. I hope that the great majority will accept the advice that is being given to them to convert. I am glad that my hon. Friend has given me this opportunity to state the facts, as I am aware that greatly exaggerated reports are current, even in usually well-informed quarters, respecting the magnitude of the Government's holdings of the Loan and its consequent ability to control the result of the Conversion operation. On the contrary, the Government is relying on the patriotism of holders and on the sound inducements which their proposals offer for the success of the scheme.