§ Mr. Osborneasked the Chancellor of the Exchequer if he is aware that the British Transport Commission last year reduced its holdings of Government stocks from £25,300,000 to £664,660, in 1955 sold £40 millions and since 1948 has sold practically all its £178 millions gilt-edged securities; and, since this policy has depressed gilt-edged prices, if he will arrange that appropriate general direction should be given to stop other nationalised industries deserting trustee stocks lest this example be followed by private holders and the gilt-edged market be demoralised.
§ Mr. BirchI am aware of these sales. They were made to enable the Commission to meet capital expenditure which otherwise could only have been financed by the issue of new securities. I do not think that general directions of the kind suggested would be appropriate.