§ 36. Brigadier-General CLIFTON BROWNasked the Chancellor of the Exchequer how much of the 5 per cent. War Loan is in bearer bonds; what steps have been taken to notify holders of bearer bonds of the conversion proposals; and whether they are entitled like other holders to bonus at the rate of £1 per £100?
§ Major ELLIOTThe amount held in the form of bearer bonds is £230,888,700. The Bank of England of course cannot send notice of the Government's offer to holders of bearer bonds by post; but the official announcement dated the 30th June, which was widely advertised in the public Press throughout the week-end, contained directions for their guidance. It is also the custom of banks and other agents with whom bonds are deposited to notify holders of any matters affecting their interests. Holders of bearer bonds are entitled to the cash bonus on the same terms as other holders of the loan if they lodge their bonds together with all unmatured coupons at the Bank of England loans office not later than the 31st July, 1932. Special extension of time may be allowed if the delay is shown to be due solely to the absence of the holder abroad.
Brigadier-General BROWNDoes the right hon. and gallant Gentleman think that the holders of these bonds, in all cases, will be notified by the bank, or is there any other means of notifying them?
§ Major ELLIOTWe have taken all the steps we can think of in the matter. If my hon. and gallant Friend has any suggestions to make, I shall be glad to consider them.