HC Deb 12 July 1932 vol 268 cc1127-8W

asked the Chancellor of the Exchequer whether, in cases where 5 per cent. War Loan is registered in the names of two trustees, one of whom is temporarily absent from Great Britain, he will arrange that, in view of the difficulty of obtaining the consent of such absent trustee before 31st July, 1932, to the conversion of such stock so held, the signature of the trustee remaining in this country shall be accepted as sufficient authority for such conversion, provided that the consent in writing of the beneficiaries concerned has been obtained by such trustee?


I would refer my hon. Friend to the statement contained in the announcement of the scheme, which was widely advertised in the Press last weekend, that reasonable extension of time will be allowed in any case where it is shown to the satisfaction of the Bank of England that the delay in giving due notification is due solely to the absence abroad of one or more of the necessary signatories on a joint account. That provision seems to meet adequately cases such as my hon. Friend has in mind. I may also remind my hon. Friend that if a holding is registered in the names of more than two persons, the signature of a majority only is required for a continuance application. Thus if one out of three signatories is abroad, it will be enough if the Blue Form is signed by the remaining two.


asked the Chancellor of the Exchequer whether, having regard to the provisions of Section 11 (2) of the Finance (No. 2) Act, 1931, the Treasury will be prepared to accept continuance applications in respect of War Loan holdings after a repayment application has been lodged?


Unless there were good reason to the contrary, continuance applications lodged before 30th September will be accepted notwithstanding that repayment applications had previously been lodged in respect of the same holding. It is clearly unreasonable that continuance applications should similarly be accepted after 30th September, the final date for lodging repayment applications. Accordingly, unless good reason were shown for the delay, a continuance application from a holder who had previously lodged a repayment application would in general be refused after 30th September.