HC Deb 23 July 1913 vol 55 cc2045-7W
Mr. T. M. HEALY

asked the Chancellor of the Exchequer what purchases of Guaranteed Three per Cent. and Two and

Three-quarter per Cent. Stock were made on the 1st and 2nd July last on behalf of the National Debt Commissioners and other Government Departments?

Mr. LLOYD GEORGE

I have not been able to ascertain that' any purchases of these stocks were made on 1st and 2nd July, 1913, by any Departments connected

with the Treasury beyond those of the National Debt Commissioners, which wre:—

1st July, 2315 9s. 2d. Guaranteed Two and Three-quarter per Cent. Stock;. £283 6s. 11d. Guaranteed Three per Cent. Stock.

2nd July, £140 0s. 0d. Guaranteed Two and Three-quarter per Cent. Stock; £808 15s. 5d. Guaranteed Three per Cent. Stock.

Mr. T. M. HEALY

asked the Chief Secretary whether an order was made by the Land Commission on 23rd May that the proceeds of the sale of immature Guaranteed Stock ordered to be sold during the month of June would not be available for distribution until after the 10th July; whether, in fact, the whole of the stock ordered to be sold during the month of June was pressed for sale on the 1st of July without any notice to parties entitled that this course would be taken, and = whether this caused a sudden fall in the price both of the Three per Cent. Stock and the Two and Three-quarter per Cent. Stock; what was the price of the respective stocks on 25th June and the 2nd July respectively; and why the Commission adopted a course so calculated to depress the price of the stocks, and whether they did so under instructions from the Treasury?

Mr. BIRRELL

The answer to the first part of the question is in the negative. None of the Land Stock ordered to be sold during the month of June was pressed for sale on the 1st July. On that date the sales of Land Stock by order of the Land Commission amounted to less than £20,000, and these sales could not have had any appreciable effect on the market price. All orders for the sale of stock are carried out as expeditiously as possible, without regard to the market price for the time being, such price being subject to the ordinary market fluctuations, over which the Commissioners have no control. In no circumstances are any stocks pressed for sale. The orders -issue day by day from the Commissioners' office as they are received, and the broker sells as opportunity offers. The prices of Guaranteed Two and Three-quarter per Cent. and Three per Cent. Stock on the Dublin Stock Exchange, on 25th June and 2nd July, 1913, respectively, were as follows:—

Guaranteed Two and Three-quarter per Cent. Stock, on 25th June, 1913–71¼.

Guaranteed Two and Three-quarter per Cent. Stock, on 2nd July, 1913–70⅝.

Guaranteed Three per Cent. Stock, on 25th June, 1913-76⅞

Guaranteed Three per Cent. Stock, en 2nd July, 1913-76⅜-⅛

The fall in the prices of these stocks was due to other causes than sales by the Land Commission.