HC Deb 10 December 1906 vol 166 c1562

I beg to ask Mr. Chancellor of the Exchequer whether his attention has been called to the fact that Canadian Three per Cents, now stand at a higher price than some of the securities guaranteed by the English Government; whether the credit of any colony has ever before stood higher than the credit of the Mother Country; and what steps, if any, he can take to remedy this condition, which is causing uneasiness among the investors of this country.


The comparative credit of two countries cannot be fairly judged by the relative prices of two stocks, one of which is directly charged upon the Revenues of the first country, while the other is merely guaranteed by an indirect charge on the Revenues of the second country. The date at which the stocks are respectively redeemable is also a material circumstance. I am glad to note the satisfactory price of the Canadian Three per Cents.; but a comparison between the yield which this stock and Consols return respectively to the investor at current prices will shew that it is not correct to say that the credit of the colony stands higher than that of the Mother Country.