HC Deb 23 August 1916 vol 85 cc2663-4
32. Mr. KING

asked the Chancellor of the Exchequer whether he can give any information concerning the launching of a new loan in America?

Mr. McKENNA

Arrangements have been completed for the issue through Messrs. J. P. Morgan, of New York, of $250,000,000 British Government 5 per cent, two year notes at 99. The issue will be secured by the deposit with trustees of American securities, Canadian Government and Government Guarantee securities, and Neutral Government securities in equal proportions to the total market value of $300,000,000. The issue has been underwritten at 1 per cent.

Mr. W. THORNE

Can the right hon. Gentleman state how much the Morgan house has made out of this War—how many millions?

Mr. KING

Will there be anything in the way of commission besides the underwriting?

Mr. McKENNA

I have given all the particulars I am in a position to give to my hon. Friend.