§ 70. Mr. WATTasked the Chancellor of the Exchequer whether, in the present issue of Exchequer Bonds, no arrangement has been made by his Department to receive applications in the provinces free of all expenses and charges, the banks there having no authority to receive the net sum of the application, but insist on the applicants paying the remitting charges to London; what is the reason for this difference between the present issue and the former War Loan where the net sum was received; and is he aware that these small charges militate against the success of the issue?
§ Mr. McKENNASo far as I am aware there is no difference between the arrangements made by the Bank of England concerning the present issue of Exchequer Bonds and those made in connection with the War Loan. No charge is made for collecting on Government account cheques from the provinces forwarded directly to the Bank of England by a subscriber. The terms upon which a principal may undertake to put through an application for a client must depend on the circumstances of the individual case.