Fiduciary Note Issue (Increase).

– in the House of Commons on 28th July 1942.

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Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

It is customary to acquaint the House forthwith of changes in the Fiduciary Note Issue. I have, therefore, to inform the House that acting under the power conferred by Section 8 of the Currency and Bank Notes Act, 1928, as subsequently amended, the Treasury have authorised an increase in the amount of the Issue by £50,000,000 to £880,000,000 as from to-day. The Treasury Minute will be laid, in due course, before Parliament.

Photo of Mr Frederick Bellenger Mr Frederick Bellenger , Bassetlaw

Has the Chancellor any explanation to offer for these continued increases?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

Yes, Sir. I think the principal causes are higher earnings, savings in the form of notes by workers not used to banks, the use of cash instead of cheques for various reasons, and the difficulties arising from evacuation and service in the Armed Forces.

Mr. De la Bère:

Will my right hon. Friend look into the reasons for the use of cash instead of cheques? He gave me a polite little snub when I asked him to look into this matter on another Question. An angry answer never helps an argument.