HC Deb 07 July 1879 vol 247 c1719

asked the Under Secretary of State for India, with reference to the announcement that the Secretary of State for India in Council will, in July 1580, pay off the whole of the 5 per cent loan now outstanding, Whether he is in a position to give any information as to the terms and conditions which will be offered to those holders of that stock who may be desirous of accepting India Stock at a lower rate of interest?


The terms and conditions shall be announced towards the close of the year, and ample time shall be given to all trustees and others holding the rive per cent Stock, to consider the conditions of conversion which may be offered by the Secretary of State in Council. These terms must depend, to a very great extent, on the state of the Money Market at the time; but I may say that it is in contemplation to issue a Three-and-a-Half per cent Stock for that purpose, into which holders of Five per cent Stock will be allowed to convert at a price to be fixed hereafter.