§ SIR JOSEPH DIMSDALE (London)
I beg to ask Mr. Chancellor of the Exchequer whether he can inform the House why Irish Land Stock, redeemable in 1921, is domiciled only at the Bank of Ireland, whereas the stock, redeemable in 1933, is domiciled at both London and Dublin, with the result that the earlier issue stands about two points below the later issue owing to its having a more restricted market.
§ MR. AKERS-DOUGLAS (for Mr. AUSTEN CHAMBERLAIN)
Guaranteed Land Stock under the Purchase of Land Act, 1891, was issued by the Irish Land Commission direct to Irish landowners, and was most conveniently inscribed in the books of the Bank of Ireland. Guaranteed 2¾ per cent. stock under the Land Act, 1903, was issued for public subscription and inscribed partly at the Bank of England and partly at the Bank of Ireland. Any holder of the earlier 456 stock who desires to have it inscribed in the Bank of England can effect the transfer by the procedure provided in the National Debt Act, 1870. I do not think the difference of price of the two stocks is owing to this cause, but to the fact that very little of the Guaranteed Land Stock ever comes into the market.