§ MR. CARSON (Dublin University)
I beg to ask Mr. Chancellor of the Exchequer whether it is proposed that the Irish allottees of the New War Loan should be registered in the first instance at the Bank of England, and whether it will be then necessary for such allottees as desire it, and at the cost of executing a power of attorney and other expenses, to have the registration of their allotments transferred to the books of the Bank of Ireland; and whether, having regard to the terms of the prospectus of the said loan, that the books of the loan will be kept at the Bank of England and the Bank of Ireland, he will consider the possibility of devising some means whereby the trouble and expenses of reregistering in the Bank of Ireland may be avoided.
§ THE CHANCELLOR OF THE EXCHEQUER (Sir M. HICKS BEACH,) Bristol, W.
I am informed that if the Bank of Ireland were to inscribe stock in their books direct from the scrip as presented, they would have no means of knowing whether it was genuine, and there would consequently be a risk of fraud. Government Stock cannot be transferred from the books of the Bank of England to the Bank of Ireland (or* See The Parliamentary Debates [Fourth Series], Vol. lxxix., page 1521.1259 vice versâ) without a power of attorney as required by the National Debt Act, 1870. But if persons wanting to have their Stock inscribed in Ireland will lodge their scrip certificates with the Bank of Ireland that bank will send the certificates to the Bank of England, who will inscribe the stock en bloc immediately and transfer it to Ireland the same day. The only expense would be a single power of attorney, which would be a bank charge.