HC Deb 14 June 1888 vol 327 cc125-6

Bill, as amended, considered.


I wish to ask the Chancellor of the Exchequer whether, upon the third reading of this Bill, he will tell the House what he proposes to do with that portion of the Three per Cent Consols which still remains unconverted? At present, there is a considerable difference between the price of the old Consols which have not been converted and those which have been converted, so that the persons who did not take the advice to convert have got a good deal better treatment than the people who did convert. Therefore, there is a considerable portion of Stock, the amount of which I do not know, which is worth 20s. more than the converted Stock.


I cannot admit that because for a few weeks the converted Stock has fallen below par, therefore it is true that those who have not converted have got a better thing than those who have converted. The Three per Cent Stock is now in such a position that it can be paid off on 12 months' notice. Whether they will be in as satisfactory a position as those who have got a Stock on which 2½, per cent or 2¾ per cent is guaranteed for a certain number of years is a question for the right hon. Gentleman and others to determine. If they are paid off at par in the course of a year, and should not be able to invest as well as they can at this particular moment, I should say that they will not be in so favourable a position as the holders of the New Stock. I think it is premature for the right hon. Gentleman opposite to attempt to mar the success of the operation.


I must call the attention of the right hon. Gentleman to the fact that there is no Question before the House. No debate can arise at this stage, and the third reading will be taken to-morrow.


I will answer the question of the right hon. Gentleman specifically and exactly on another occasion; but I may say now that out of a total of about £590,000,000 and more, the amount still outstanding is about £47,000,000.

DR. TANNER (Cork, Co. Mid.)

asked the Chancellor of the Exchequer, whether, in connection with the Bill, Clause 1, which spoke of the market price of the Three per Cent Stock, referred to annuities or assets in the case of the National Debt Commissioners, in respect of trustee savings banks?


Order, order!There can be no discussion upon this stage of the Bill.


intimated that he would put the question to-morrow.

Bill to be read the third time Tomorrow, at Two of the clock.