§ MR. FRANCIS BUXTONasked the Secretary of State for the Colonies, Whether his attention has been called to the great inconvenience arising to holders of some Colonial Bonds, such as New Zealand Five per Cent. 5–30 Bonds, from the insufficiency of the notice given by the Crown Agents for the Colonies when such bonds are to be paid off, such 430 notice being only an advertisement in The London Gazette six months previously; and, whether he would recommend to the Crown Agents that proper notice should be given on presentation of the last coupon payable, either in writing or by stamping the cheque, that no further interest would be paid, and that the bonds must be presented for payment, rather than that they should allow the money to lie idle in their hands without interest until the bonds happen to be presented?
THE SECRETARY OF STATE FOR THE COLONIES (COLONEL STANLEY)My attention had not been drawn to the inconvenience stated until the hon. Member put his Question. I am inclined to think that he has been misinformed as to the supposed insufficiency of notice. In the case referred to six months' notice had to be given by advertisement in The Times and The London Gazette. In point of fact, the publicity given largely exceeded this requirement. The advertisement appeared six times in The Times, five times in another daily paper, and 48 times in leading financial and other newspapers—59 times in all. In addition, notices have been posted in the coupon office of the Crown Agents since August last, and in The Times of last March there was inserted a special warning to the bondholders that the interest on the bonds had ceased. I understand that there would be practical difficulties in adopting the course suggested in the Question, and I have no authority to deal with the matter; but if after my answer the hon. Member still wishes to press his views, I shall be happy to confer with him and to put him in communication with the Crown Agents.