§ SIR THOMAS ESMONDE (Kerry, W.)I beg to ask the Secretary to the Treasury what becomes of the premium on Local Loans Fund Stock when it is advanced for local loans?
§ MR. HANBURYThe amount of Local Loans Stock created has been £36,526,057 issued at par in 1887, and £4,427,711 issued at an average premium of about 3½ per cent. in 1888 and 1889, and this premium, when received, was employed in making advances for loans, reducing thereby the amount of stock required to be created and consequently the charge for interest.