§ Mr. HOBHOUSE
There has been no issue of Consols since 1902, and existing Consols are transferable in the books of the Bank of England in amounts of one penny and any multiple of a penny. I assume, therefore, that my hon. Friend refers to the issue of Stock certificates to bearer. Such certificates may, under the provisions of the National Debt Act of 1870, be issued for amounts of £50, and, though at present they are not in fact issued for smaller amounts than £100, my right hon. Friend does not think there would be any difficulty in issuing £50 certificates, if there were any public demand for them.