§ Sir J. Mellor
asked the Chancellor of the Exchequer if he will set forth the calculations upon which the Treasury formed the opinion that, on 1st January, 1948, British Transport 3 per cent. Guaranteed Stock 1978–1988 was worth par.
§ Sir S. Cripps
The issue price and other terms of British Transport Stock were not fixed on the basis of arithmetical calculations. The Treasury had regard to all6W relevant considerations, particularly the value of Government securities on 1st January, 1948, in accordance with Section 89 (2) of the Transport Act. The Stock Exchange quotations of Government securities on that date have, of course, been published in the Financial Press and elsewhere.