§ 37. Mr. MACPHERSONasked the Chancellor of the Exchequer whether he is aware that small investors are deterred from investing their savings in the new War Loan by reason of the apprehension that they may not be able to realise their Investment before 1945 in any period of financial stress; and whether he is able to offer any reassurance with regard to the position of the small investor in such circumstances?
§ 39. Mr. POLLOCKasked what facilities will be given, through the Post Office or 358 otherwise, for the sale of small amounts of War Loan stock or bonds of small value?
§ The CHANCELLOR of the EXCHEQUER (Mr. McKenna)I am glad to have an opportunity of removing misapprehension on this point. War Loan bought through the Post Office or a Trustee Savings bank may be sold at any time through the Post Office or the Savings Bank at the market price of the day on which the transaction takes place.
§ 38. Mr. POLLOCKasked whether arrangements have been or will be made to facilitate the conversion of a sum of less than £100 of Consols into the War Loan?
§ Mr. McKENNAA subscriber for £100 of the new War Loan has the right to convert £75 Consols or any smaller amount. Arrangements are under consideration whereby subscribers through the Post Office for smaller amounts of new War Loan than £100 will be given rights to convert Consols standing in their names in proportion to the amount of their holdings in the new Loan.
§ Mr. W. THORNEIf all the money invested in Consols was converted into War Loan, what loss would it be to the nation?
§ Mr. SPEAKERThe hon. Member can hardly expect that sum to be done offhand.
§ Mr. THORNERoughly, would it be £100,000,000?
§ Mr. McKENNAOh no! I should say the figure of £100,000,000 is ten or twenty times an exaggerated sum.
§ Mr. THORNEI do not think.
§ Mr. McKENNAWell, I do.
§ 40. Mr. POLLOCKasked how it will be possible for purchasers of scrip vouchers of small amount who are not able to purchase up to £5, or who need to realise the vouchers already purchased before 1st December, 1915, to obtain their money?
§ Mr. McKENNAScrip vouchers will be accepted at any time by the Post Office and Trustee Savings Banks as the equivalent of cash for the purpose of deposits. These deposits can then be withdrawn in the usual way.
§ Sir GODFREY BARINGWill the right hon. Gentleman embody all this valuable information he has given in pamphlets sent to the post offices so as to be accessible to the public?
§ Mr. McKENNAYes, I think that is quite an excellent idea. I will communicate with the Postmaster-General on the subject.