§ 89. Mr. BOTTOMLEYasked the President of the Local Government Board whether he is aware that the London County Council recently invested a sum of £10,000,000 in War Stock, and will he state how so large a sum came to be in the hands of the council if not immediately required for the public service?
§ Major ASTORI understand from the Comptroller of the London County Council that in the course of the past four years the county council has invested all its available funds in National War Stock Bonds, and that the total amount of such securities now held by the Council is £10,303,175. Nearly the whole of the money so invested was derived from the cash which the council is required by Statute to provide each year for sinking fund purposes and which will go ultimately to the redemption of Londan County Council Stock.
§ Mr. BOTTOMLEYWould it not meet with the right hon. Gentleman's sympathetic approval to suggest that the London County Council might devote this huge sum to the promotion of their housing scheme?