Banknotes (Issue)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 17th June 1952.

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Photo of Mr Marcus Lipton Mr Marcus Lipton , Lambeth Brixton 12:00 am, 17th June 1952

asked the Chancellor of the Exchequer what the cost would be of recalling Treasury notes now in issue and of making a new issue.

Photo of Mr R.A. Butler Mr R.A. Butler , Saffron Walden

No reasonable estimate can be given of the cost of calling in all Bank of England notes now in circulation and replacing them with a new issue.

Photo of Mr Marcus Lipton Mr Marcus Lipton , Lambeth Brixton

Is not this a rather unsatisfactory state of affairs? Is it not now clear, both by reason of the recent mail bag robbery and the large number of transactions carried out by tax dodgers for large sums of cash, that a very handsome profit would be made by the Treasury if a new issue of Treasury notes were made as soon as possible?

Photo of Mr R.A. Butler Mr R.A. Butler , Saffron Walden

I think the hon. and gallant Member's contribution is rather an oversimplification.

Photo of Colonel Sir Alan Gomme-Duncan Colonel Sir Alan Gomme-Duncan , Perth and East Perthshire

Would my right hon. Friend consider, when the time comes, that a more accurate statement in writing should be put on the notes than "I promise to pay…"