55. Mr. Norman Smithasked the Chancellor of the Exchequer whether he will use his powers under Section (4) of the Bank of England Act, 1946, to direct that the existing issue of £1 and 10s. notes shall be replaced, as soon as may be during the Coronation year, with notes of a new design incorporating the image of the reigning Sovereign.
§ Mr. Boyd-CarpenterI am satisfied that the powers in question are not appropriate for this purpose, and regret that the hon. Member's suggestion is not practicable.