§ MR. ARTHUR O'CONNOR (for Mr. J. G. HUBBARD)asked Mr. Chancellor of the Exchequer, Why, seeing that according to his Budget speech he anticipated larger applications for the 2½ than for the 2¾ per cent. stock, the third section of the National Debt Conversion Act provides that the portion of Stock to be redeemed at one time after 1905 shall not be less than £5,000,000 in the case of the 2½ per cent. Stock, and not less than £14,000,000 in the case of 2¾ per cent. Stock?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. CHILDERS)If the hon. Member refers to the 3rd sub-section of the 1st section of the National Debt Conversion Act, he will see that it provides exactly the reverse of what his Question implies—namely, that the portion of Stock to be redeemed at one time after 1905 shall not be less than £5,000,000 in the case of Two-and-Three-Quarter per Cent Stock, and not less than £14,000,000 in the case of Two-and-a-Half per Cent Stock.