Hon. Donald M. Fleming (Minisier of Finance):
Mr. Speaker, I should like to make an announcement to the house. Yesterday the weekly offering of Dominion of Canada treasury bills was sold at the lowest rate at which treasury bills have been sold for the last 13i months. The rate on the bills is 3.25 per cent as compared with a rate for the previous week of 3.58 per cent, a reduction of one-third of one per cent in a week. Consequently the interest rate of the Bank of Canada has been reduced to 3.5 per cent, the lowest interest rate for the Bank of Canada since October 18, 1956, the date on which the Bank of Canada interest rate was first tied to the treasury bill rate. I am sure this will be a matter of gratification to all members of the house.
Subtopic: REDUCTION IN INTEREST RATE ON TREASURY BILL OFFERINGS