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Securities (Government-Holdings)

Volume 440: debated on Thursday 24 July 1947

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59.

asked the Chancellor of the Exchequer how much was invested from the Post Office Savings Fund in 2½ per cent. Treasury Stock at par last year and, since it is now quoted at 91¾ per cent., if any loss will fall upon the Exchequer.

I must refer the hon. Member to my reply to the hon. and gallant Member for Sevenoaks (Colonel Ponsonby) last Thursday.

Surely, we are not expected to carry in our minds what was said a week ago? That answer was not satisfactory to me. Can I have an answer to my Question? May I point out that the price today is 91¼ per cent.?

which the hon. and gallant Gentleman referred. I have no doubt that what he has said will be read by those in charge.

Following is the information:

cause neither profit nor loss unless the securities are realised.

Would not the right hon. Gentleman regard this as a temporary loss, and does he think that, over the course of time, that loss will be converted into a profit?

Unless securities are sold when the price goes down and the person selling has paid out a higher price, loss occurs.

On a point of Order. Should I be in Order now in giving notice that I wish to raise the question of the Transport Organisation, because I am dissatisfied with the reply?

Is it not a fact that directors who gamble in their own companies' stocks find themselves in the dock at the Old Bailey?