§ MR. H. H. FOWLER (Wolverhampton, E.)
I beg to ask the Chancellor of the Exchequer how much of the £96,988,849 18s. 4d. Two and Three-quarters per Cent. Consols, now held by the several Government Departments, as stated in Parliamentary Paper, No. 401, of the Session of 1891, and of the £34,625,777 15s. 11d. Two and Three-quarters per Cent. Consols, recently held by the Court of Judicature, as stated in the same Return, was converted under the provisions of "The National Debt Conversion Act, 1888;" and, whether any commission was paid in respect of such conversion?
§ THE CHANCELLOR OF THE EXCHEQUER, (Mr. GOSCHEN,) St. George's, Hanover Square
The whole of the Three per Cent. Stocks held by the Government Departments at the tune of the conversion, including the Stock held on Chancery account that had 514 been un-replaced by the Annuity created in 1883, were converted into Two and Three-quarters per Cent. Consols under the Conversion Act of 1888, with the exception of a certain amount of Stock belonging to the Chancery suitors and the Savings Bank depositors, amounting in all to £6,376,000, for which assents to the conversion were not received, and which accordingly was paid off in money under the Redemption Act. The amount so converted did not, of course, correspond with the figure quoted by the right hon. Member, because that figure represents the amount of Two and Three-quarters per Cent. Consols held by the Government Departments on 31st March last—three years subsequent to the conversion, during which period there have been many sales and purchases of Government Stocks. No commission was paid in respect of the Stock held by Government Departments which was converted, except as regards so much of the Stock belonging to Chancery suitors and converted as required the intervention of recognised agents.