§ 41. Mr. HAY MORGANasked the Chancellor of the Exchequer whether it is proposed to issue bonds to bearer of the War Loan in small denominations as well as inscribed stock through the Post Office; and whether the dividends on the stock and upon the bonds, if issued, will be paid without deduction of Income Tax?
§ Mr. McKENNABoth bonds to bearer and inscribed stock of the War Loan will be issued through the Post Office, but in general inscribed stock in small denominations will persumably be preferred as the dividends on small holdings of such inscribed stock will be paid without deduction of Income Tax, whereas dividends on all bonds to bearer are necessarily subject to such deduction.