§ 41. Sir J. D. REESasked the Chancellor of the Exchequer whether a minimum price is to be fixed for the new Loan?
§ The CHANCELLOR Of the EXCHEQUER (Mr. McKenna)No minimum price has been fixed.
§ Sir J. D. REES"Has been," or "will be"?
§ Mr. McKENNANo minimum price has been fixed. It is impossible to say what will be the case in the future. There is no present minimum price.
§ 44. Mr. HOGGEasked the Chancellor of the Exchequer whether a small investor in War Loan who subsequently desires to secure cash for his holding will receive the market value of such holding within a reasonable time from the Post Office in cash; whether there is any limit to the amount he can have cashed in this way; and whether he can say how many days' notice requires to be given?
§ Mr. McKENNAWar Loan registered at the Post Office may be sold through the Post Office, at the market price of the day. The maximum amount which can be so registered is at present £200, stock applied for in excess of that amount being registered at the Bank of England. When the register has been completed the sales will be carried through, as a rule, within four days, but in view of the very large number of subscriptions I fear that there will be some delay during the first few months.
§ Mr. HOGGEIn the event of the person holding the maximum amount, all the circumstances being equal, will he get cash for the £200?
§ Mr. McKENNAOh, yes; he will be able to sell the whole £200. There may be a delay of a day or two owing to the large amount to be dealt with.
§ 53. Mr. HOGGEasked the Chancellor of the Exchequer whether his attention has been called to the notices posted in certain savings banks advising their clients not to take War Loan; and whether he proposes to take any action in such cases?
§ Mr. McKENNAI will make inquiries if my hon. Friend will give me further particulars in regard to the notices referred to which have not hitherto been brought to my attention. I have no desire to discourage depositors in Government savings banks from withdrawing money for the purposes of subscribing to the War Loan, but I may point out that such action does not increase the amounts at the disposal of the State unless it leads, as I hope it will, to new savings being effected and deposited.