§ Mr. RHYS DAVIESasked the Chancellor of the Exchequer the total amount paid in commission to the Bank in connection with the recent conversion of the 5 per cent. War Loan; and what was the total cost of converting Savings Certificates?
Mr. CHAMBERLAINNo commission is payable to the Bank of England on the conversion of War Loan; but the Bank 519W will be entitled to a charge for its services based on the work involved. The expenses incurred in the recent conversion of Savings Certificates, including commission, amounted to approximately £175,000.