Treasury Bills.

Oral Answers to Questions — British Army. – in the House of Commons at on 7 May 1940.

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Photo of Mr John Wilmot Mr John Wilmot , Lambeth Kennington

asked the Chancellor of the Exchequer the average rate of interest, and the total amount paid by way of interest, in respect of Treasury bills issued since 1st September, 1939, and the corresponding figure for the similar period a year before?

Photo of Mr John Simon Mr John Simon , Spen Valley

For Treasury Bills issued from 1st September, 1939, to 4th May, 1940, as a result of public tender the average rate was £1 9s. 6d. and the total amount of interest paid was £7,225,957. For the period from 1st September, 1938, to 4th May, 1939, the corresponding figures were 15s. 10d. and £2,359,224.

Photo of Mr John Wilmot Mr John Wilmot , Lambeth Kennington

Is the Chancellor aware that there is a growing body of important opinion which regards these rates as unnecessarily high and will he take steps to stop this profiteering by the banks when they are getting higher rates on an increased turnover?

Photo of Mr John Simon Mr John Simon , Spen Valley

The position alluded to by the hon. Member and that referred to in the Question are not, of course, the same.