HC Deb 27 April 1914 vol 61 cc1313-4
26. Mr. SAMUEL ROBERTS

asked the Secretary of State for the Home Department whether he is aware that in a Return to an Order of this House, dated 11th February, 1913, it was calculated that the Welsh Church Representative Body might reasonably secure a return of 3¾ per cent. from investments after Disendowment; and whether he will state what changes in the general position affecting investments have taken place since that date to cause him now to consider that a return of 4 per cent. can be safely secured?

Mr. McKENNA

A more detailed examination of trustee securities has led to the conclusion that it is safe to say that interest at the rate of 4 per cent. may be readily obtained.

Mr. SAMUEL ROBERTS

Does the right hon. Gentleman think that 4 per cent. will be available for trustee investments in ordinary times?

Mr. McKENNA

I can only speak as to the present time, because it is right to do so, and because, if the commutation were accepted, the money could be invested at once.

Mr. HOARE

Has not the financial situation changed entirely since the time the right hon. Gentleman published his White Paper?

Mr. McKENNA

No. I may say, in view of the hon. Member's question I have examined this morning a number of trustee securities, and found, as a matter of fact, that 4 per cent. was readily obtained.