The loan would be repayable at par on October 15, 1959, but the Treasury reserved the right of redemption, partly or wholly, at any dine after October 14, 1955, on three months' notice.
1t would therefore'be known as the Three Per Cent War Loan, 1955-59. The amount of the issue would be limited to £300,000,000.
The Government would have to borrow considerably more than that during the next twelve months, said sir John, but a first issue, for a limited amount was convenient to the Treasury from several viewpoints, and it would also be in the general interests of the lender.
Ten per cent. of all subscriptions would be payable on application and ihe balance on April 15 next.
Subject to certain safeguards, he proposed offering non-resident sub scribers exerhptions from taxation somewhat similar to those attaching to some of their loans in the last war —Reuter.
Arrangements were moreover being made to enable the major exporting industries to plan their future production for export by allocating to them in advance the materials they would require.
"The war may being occasional difficulties and "uncertainties" the statement says. "Britain's traditional mastery of the sea will continue to ensure that there shall be free access to and from her ports and that we may look with confidence to the maintenance of that interchange of goods which in war time, as in peace time, is so valuable alike to those wro buy and those who sell.
"Those countries with which she has conducted trade in the past may be assured that in return for the goods she will be wanting to buy from them, they will be able to buy from her most, if not all, of the goods they have obtained from her in the past and that her standards of quality and workmanship will be maintained."
The statement points out that the fact that a commodity is included in the Prohibited List does not mean that its export from the United Kingdom was prohibited, but merely that it cannot be exported except under licence.
Text read from the printed page and cleaned; old type leaves the occasional error.