§ MR. SYDNEY GEDGE (Stockport)asked Mr. Chancellor of the Exchequer, Whether, in order that holders of Consols and Reduced Stock may know exactly what is the alternative to immediate conversion of their Stocks into new Stock, he will state whether a year's notice will be given immediately after the 11th May of the redemption of all or any unconverted Stocks; and, if not, when it will be given; and, is another Act of Parliament necessary to enable the notice to be given, or to redeem the Stocks not now converted; and, if so, whether he proposes to introduce the Bill during this Session?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)I am unable to state at present when or where this notice will be given. I shall not be able to make such a statement until the result of the conversion of the New Threes is practically known and decided. Another Act of Parliament is not necessary to give the notice, but a Resolution of the House would be necessary; and I hope, within a short time, to be able to state whether I shall propose to the House to pass that Resolution or not.
§ MR. SYDNEY GEDGEWill the right hon. Gentleman say whether any Act of Parliament is necessary to redeem the Stock.
§ MR. GOSCHENA Resolution of notice for paying off the Stock by instalments is sufficient for the purpose; but if larger measures were proposed, it might to necessary to pass an Act of Parliament to direct the mode and manner in which the payment should be made.