HC Deb 19 June 1912 vol 39 cc1647-8
15. Mr. NEWMAN

asked the Chancellor of the Exchequer whether his attention had been called to the fact that Irish 2¾ per cent. Land Stock charged on the Consolidated Fund is at present quoted more than a point below 2½ per cent. Consolidated Stock, while Irish Land 3 per cent. Stock is quoted at 81¾ as compared with Canada 3 per cent Stock at 90, Cape Colony 3 per cent. Stock at 85¾, and New Zealand 3 per cent. Stock at 85; whether Irish Land 3 per cent. Stock is fully secured on the Consolidated Fund of the United Kingdom; whether he can state the fall that has taken place in the Irish 2¾ and 3 per cent. Stocks, respectively, since their first quotation on the Stock Exchange; and whether, to reassure holders of these stocks, he is in a position to state that in no case is it contemplated to create further issues of Irish Land Stock bearing a higher percentage of interest than 3 per cent., and secured on the Consolidated Fund?


I am aware of the present prices of the securities mentioned. As regards the second part of the question, I may refer the hon. Member to Sections 27–29 of the Irish Land Act, 1903, and to Section 2 (2) of the Irish Land Act, 1909. I am informed that the 2¾ per cent. Stock was first quoted in July 1904 at 91, and the 3 per cent. first quoted in November, 1910, at 89. As regards the last part, Irish Land Stock bearing a higher rate of interest than 3 per cent. could not be issued without a change in the law, which is not contemplated.


Are not the prices lower than ever before?


I cannot answer that without notice.


Is not the yield £3 15s. per cent. to the present purchaser?


I should like to have time to calculate.