§ MR. BOWLES (Lambeth, Norwood)I beg to ask Mr. Chancellor of the Exchequer whether the amounts payable each year in respect of terminable annuities are in any way revised from time to time in consideration of movements in the value of Government securities.
§ MR. LLOYD-GEORGEYes, Sir. Where terminable annuities have been set up for the purpose of replacing a definite amount of stock within a definite period, it is the practice to readjust the amount of the annuities periodically according to the price at which stock has been purchased. The procedure is regulated by Section 4 of the National Debt Act, 1883. The latest readjustment was effected by Treasury warrants which were laid before this House on 11th June last.