CAPTAIN FABER (Hampshire, Andover)To ask Mr. Chancellor of the Exchequer whether fresh borrowing for Irish land purchase is taking place at about the cost of £3 3s. 3d. per hundred pounds, which is more than the price at which Consols are being redeemed with the Sinking Fund; and whether he can see his way to changing this system.
(Answered by Mr. Asquith.) The last issue of guaranteed 2¾ per cent. Stock was made at the price of eighty-nine, giving a yield of £3 1s. 9d. per cent. I am aware that this rate is higher than the yield of Consols at their present price, but I know no better way to improve the price of the Guaranteed Stock than by the application of Sinking Fund to the reduction of the National Debt.