§ Mr. STEWARTasked the Chancellor of the Exchequer whether a holder of £1,500 Consols can, when applying for £2,000 of War Loan, pay £l,000 in cash and then hand in the £1,500 Consols as the equivalent of the other £1,000 of War Loan; and, if so, why does the Bank of England, in the memorandum relating to conversion, say that it requires £78 of Consols to obtain £50 of War Stock, in view of the official announcement that it would only require £75 of Consols to obtain £50 of War Stock?
§ Mr. McKENNAIn order to obtain the option to convert £1,500 Consols an original subscription for £2,000 4½ per cent. War Loan must be made and fully paid up. In regard to the second part of the question, the hon. Member is, I think, confusing Consols and 2½ per cent. Annuities, which are separate stocks.