Mr. De la Béreasked the Chancellor of the Exchequer whether he will take steps to put a limit to the preponderating portion of money power at present in the hands of the Government, in view of the fact that the Government securities now listed total, approximately, half the securities listed, as compared with less than one-tenth in 1913?
§ Captain WallaceWhether indebtedness can properly be described as "money power" seems to me to be open to doubt, but it may be that I have not correctly understood the purport of my hon. Friend's question. The length of the list of Government securities is chiefly due to war borrowing, and naturally every Chancellor of the Exchequer will share3116W my hon. Friend's regret that indebtedness of this sort bulks so large.
Mr. De la Béreasked the Financial Secretary to the Treasury whether he will take steps to ensure that the Government's over-subscription notices in connection with debt issues are correct; and, further, on what authority the 100 million 2¾ per cent. funding loan was stated to have been over-subscribed?
§ Captain WallaceI am not aware that any notices are issued either by the Government, or by the Bank of England as the Issuing House, regarding the oversubscription or otherwise of Government issues. Any statements that may have appeared in the Press to the effect that the 2¾ per cent. Funding Loan was oversubscribed were presumably due to the fact that applications for sums in excess of £5,000 received an allotment of only 88 per cent.