§ 24. Mr. COCKS (for Mr. J. P. MORRIS)
asked the Secretary of State for India if he is aware that no prospectuses for the recent India 4 per cent. loan were available on Tuesday, 11th May; that the lists remained open only for an hour and a-half on Wednesday morning; that the Bank of England refused to entertain country applications and posted allotment letters on Wednesday night, and it was therefore impossible for country subscribers to make application in time to be included in the allotment lists; and what action he proposes taking in the future to ensure equal opportunities for provincial investors?
§ Mr. BUTLER
Prospectuses were despatched to all Stock Exchanges in the United Kingdom to be available at 9 a.m. on Wednesday, 10th May, that is at the same time as they were obtainable in London. Every endeavour is made by the Bank of England to afford consideration to applications received from the country, but the factor of distance cannot be completely eliminated. On this occasion, heavy over-subscription made it impracticable to keep open the lists for applications beyond a certain time, The question of the arrangements to be adopted is considered on each occasion from the standpoint of the public interest.