(by Private Notice) asked the Chancellor of the Exchequer whether he has any statement to make on the conversion of the 1¾ per cent. Exchequer Bonds.

Yes, Sir. On 2nd December I announced the conversion offer for £787 million of 1¾ per cent. Exchequer Bonds and stated that the offer would close last night. Approximately £723 million out of the total of £787 million has been tendered for conversion. This does not include conversions of Exchequer Bonds on the Bank of Ireland or Post Office registers which are, however, quite small in amount. I am sure the House will be glad to know of this highly satisfactory result.

When the Chancellor announced this conversion, I expressed, I think on behalf of all hon. Members, the hope that it would be successful. I am sure I am doing the same now in saying that I am glad that it has been successful.

Would the Chancellor inform the House what percentage of the £723 million which has been tendered for conversion was held by Government Departments or by public corporations under Government control.

No, Sir, that is never done.