Mr. PERCY HARRISasked the Chancellor of the Exchequer whether he can state the number of the War Loan subscription clubs which have been established, respectively, by employers and by other purchasers of War Loan Stock for resale to members of the clubs; whether the facilities afforded by the Treasury for the 1289W formation of such clubs expired on the 31st August last; and whether he will consider the desirability of granting similar facilities in conection with any new loan, in order that the smallest investor may have the opportunity of taking part in it?
§ Mr. McKENNAThere have been about 1,700 inscriptions in the Post Office Register of War Stock purchased for subsequent subdivision. Nearly all of these represent advances, made by employers on behalf of their workpeople, and it is believed that most of the War Loan clubs referred to in the question are purchasing scrip vouchers and scrip certificates, which will not come up for registration before December. This method is still in force, and the arrangement which come to an end on 31st August was merely that of direct subscription. The answer to the last part of the question is in the affirmative.