HC Deb 16 April 1888 vol 324 c1309
MR. MAC INNES (Northumberland, Hexham)

asked Mr. Chancellor of the Exchequer, Whether he will state the amount of National Stocks which have been converted subject to an allowance not exceeding 1s. 6d. per cent, with the total amount paid fur such allowances; also the number of holders who converted Stock by sending in forms of assent without the intervention of an agent; the amount of stock so converted; and the consequent saving to the public Treasury by such action of the Stockholders?


No, Sir; I am not in a position to give this information at the present moment. The work of conversion is not yet completed; and I am reluctant to add to the enormous labours of the Bank at the present moment by asking them to furnish figures giving the details of conversion up to the present time, I hope the House will allow me to take this opportunity of bearing my testimony—a testimony which is supported by what I hear on all sides—to the admirable manner in which the Bank of England have conducted the conversion. The rapidity, accuracy, and general ability with which they have carried through an operation of such enormous magnitude is beyond praise, and has been universally recognized in financial circles and by the public at large.