§ Mr. MORISONI beg to ask the Chancellor of the Exchequer a question, of which I have given him private notice, namely: Whether an applicant for stock or bonds of the new War Loan, having paid up in full in cash, will have the right of designating the particular holdings of Consols, or other securities named in the prospectus, to which the "rights of conversion" to which he is entitled shall be applied?
§ Mr. McKENNAThe options attaching to holdings of 4½ per cent. War Loan can only be exercised by holders in respect of Consols, 2½ per cent. and 2¾ per cent. Annuities, or 3½ per cent. War Loan, belonging to them.