Oral Answers to Questions — National Finance. – in the House of Commons at on 9 September 1941.
Sir John Mellor
, Tamworth
asked the Chancellor of the exchequer whether he is aware that the recent requisitioning by the Treasury of Canadian and Indian Government sterling securities, prior to the earliest contractual dates of maturity, has created doubt as to what reliance can be placed on minimum contractual lives of securities generally, so as to prejudice the success of new issues, or conversion offers, by the British, or Dominion or Colonial Governments; and whether he will give an assurance that in future he will confine requisitioning of loan securities to securities expressed in currencies other than sterling?
Sir Kingsley Wood
, Woolwich West
The securities in question, as I have already explained, were acquired by the Treasury at market price, and there was no infraction of an agreement between lenders and borrowers. As I do not accept the view expressed by my hon. Friend in the first part of his Question, I am not ready to give an assurance of the kind he suggests.
Sir John Mellor
, Tamworth
Is it not the desire of my right hon. Friend to encourage investment in long-dated rather than in short dated securities? Are not these regulations likely to have the opposite effect?
Sir Kingsley Wood
, Woolwich West
My hon. Friend knows that there are other reasons which have to be taken into account.
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
