HC Deb 22 April 1902 vol 106 c935
MR. M'LAREN (Leicestershire, Bosworth)

I beg to ask Mr. Chancellor of the Exchequer whether applicants for the Consol Loan under £10,000 only received 5 per cent. of the amount applied for; will he state on what principle the allotments have been made; and what proportion of the loan was reserved for the United States before being offered publicly for subscription in London; and why ordinary British investors applying for moderate amounts have been to such an extent deprived of the opportunity of contributing to the financial needs of their own country.


The allotment was pro rata throughout, except that nobody got less than £100. The amount taken firm by American houses was £5,000,000. The arrangements made were the same as last year. I feel sure that the knowledge that a large portion of the loan had been taken by the leading; financial houses and banks here and elsewhere had no little effect in inducing the great number of applications.