§ 64. Sir FREDRIC WISE
asked the Chancellor of the Exchequer the amount of local loan stock redeemed in 1924, 1925 and 1926, respectively, and the conditions of redemption?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Ronald McNeill)
No 1404 stock has been redeemed. The stock consists of perpetual annuities, and the holder cannot claim redemption in any circumstances. The holder can be compelled to accept redemption at par at one month's notice by Resolution of this House, but manifestly Parliament would not exercise that power unless the stock stood above par.