I am sorry. I thought that the hon. Gentleman appreciated that I was replying to him. I thought wrongly that it was the hon. Member for the Cities of London and Westminster (Mr. John Smith) who raised the point and I am sorry that I did not realise that this suggestion came from the hon. Gentleman. The position on promissory notes is that we cannot extend the franking permission further until we are satisfied that there is no danger of abuse or misuse of this concession. We will extend the concession in this direction as soon as we can feel reasonably safe about it.