Treasury Bonds

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 18th October 1949.

Alert me about debates like this

Photo of Mr Cyril Osborne Mr Cyril Osborne , Louth Borough 12:00 am, 18th October 1949

asked the Chancellor of the Exchequer what is the present holding of 2½ per cent. Treasury Bonds now quoted around 69 per cent. in the National Insurance Fund and in the Post Office Savings Bank; and what was the average price at which the stock was purchased in each case.

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

Statements showing the nominal amounts of 2½ per cent. Treasury Stock held in the National Insurance (Reserve) Fund on 31st March, 1949, and in the Post Office Savings Bank's Fund on 31st December, 1948, have already been issued by the National Debt Commissioners and laid before Parliament. The accounts of the National Insurance (Reserve) Fund, which will show the cost price and market value of stock held in that Fund on 31st March, 1949, will be laid before the House in due course. In accordance with long-established practice, I am not prepared to anticipate or add to the information regularly given to Parliament under Statute.

Photo of Mr Cyril Osborne Mr Cyril Osborne , Louth Borough

I should like to ask the Chancellor what he means by "in due course," because there is a good deal of nervousness about the investment in this stock of these two Funds. It already shows a depreciation of nearly one-third. It is very important to people whose interests are involved.

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

"In due course" means when, under the Statute which regulates the matter, they have to present their accounts to Parliament.

Photo of Sir Waldron Smithers Sir Waldron Smithers , Orpington

Is the Chancellor aware that if any private citizen behaved as his predecessor did when he issued the stock he would find himself at the Old Bailey?

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

I am not aware of any private citizen issuing Government stock.