§ MR. COGHILL (Stoke-upon-Trent)I beg to ask Mr. Chancellor of the Exchequer if he can state the reasons which induced him to issue the Irish,Land Stock at the figure at which it was issued; and what has been, approximately, the loss to the country on the amount already issued.
§ MR. AUSTEN CHAMBERLAINThe price fixed was the highest price which I was advised I could ask at that time without endangering the success of the issue. Since then the conditions of the money market have undergone a change and the price of the stock, along with the price of all Government securities, has risen. But I cannot admit that the higher quotation of a stock in different conditions indicates that a loss has resulted from the issue. I may add that the issue could not have been longer postponed unless the working of the Land Act of last session was suspended.
§ MR JOHN REDMONDsaid the hon. Member referred in his Question to the loss to the country. Of course he meant the loss to Ireland. What was the amount of the loss?
§ MR. AUSTEN CHAMBERLAINI do not admit that there has been a loss. 784 The stock was issued at the best price which it would command at the time. It was issued at eighty-seven.