§ Mr. M'CURDYasked the Secretary to-the Treasury whether the Local Loan Three per Cent. Stock of 1912 was redeemable on the 5th January, 1912; whether it has yet been redeemed; and, if not, when holders of the stock may expect it to be redeemed?
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§ Mr. MASTERMANThe conditions as to the redemption of this stock are prescribed by Section 8 (3) and (4) of the National Debt and Local Loans Act, 1887 (50 and 51 Vic., c. 16), which provided that Local Loans stock should not be redeemable until after the expiration of twenty-five years from 1st April, 1887, and that thereafter it may be redeemed at any time after not less than one month's notice, such notice to be given by means of a resolution of the House of Commons signified by the Speaker in writing and printed in the "London Gazette." The Section further provides that not less than five million pounds capital stock shall be redeemed at one time, and that subject as aforesaid, the mode of redemption shall be determined by an Act to be hereafter passed. It will be seen from the above that His Majesty's Government are under no obligation to redeem this stock, and they have no present intention of proposing to Parliament to do so.