asked the Chancellor of the Exchequer if he proposes to convert or pay off the £302 million of 3 per cent. Conversion Loan on 1st March, 1948.

Notice was given in the Gazette on the 28th November that this loan will be redeemed at par on the 1st March, 1948.

Will the Chancellor of the Exchequer give an assurance that he will not repeat the folly of his predecessor in trying to buy back Gilt Edged securities at 2½ per cent. on a long-term basis in order to try and redeem this amount more cheaply?

I shall try to carry out the wise policy of my predecessor.