asked the Minister for Finance if he will state (a) the total cost of floating the 15,000,000 Exchequer Bonds in September, 1950; (b) the total amount paid in commission to the banks; (c) the total amount paid in commission to the stockbrokers, and (d) the total cost of issuing the bonds at 99 instead of at par.
Ceisteanna—Questions. Oral Answers. - Exchequer Bonds Issue.
The total cost of floating the recent issue of 3½ per cent. Exchequer Bonds (apart from the discount of 1 per cent. in the issue price) was £114,000, approximately.
Included in this figure is £81,364 for commission (including underwriting commission) to the banks and £27,550 to stockbrokers, etc.
The cost of issuing the bonds at 99 instead of at par may be taken as £150,000.
I think the time has arrived when every member of the House should consider seriously the aspect of this question which I have already mentioned.
The Deputy is making a speech.
We should bear in mind that we are paying over £7,000,000 a year interest on our national debt which is equal to the wages of 40,000 agricultural workers at £3 10s. 0d a week and, at the same time, we are paying over £80,000 and over £27,000 by way of commission to the banks and to the stockbrokers.
The percentage of expenses in relation to the amount of the issue was lower in the case of this loan than that of any other with the exception of two, I think: one, the First National Loan, and the other the Conversion Loan.
The stockbrokers do not produce any beet for the country.