§ Mr. KINGasked the Chancellor of the Exchequer whether he is aware that persons in Ireland bought Local Loan Three Per Cent. Stock, redeemable after 1st April, 1912, and that delay in redemption is regarded not only as unfair but a breach of promise by the Government; and whether this stock can be offered in exchange for War Bonds?
§ Mr. BONAR LAWUnder Section 8 of the National Debt and Local Loans Act, 1887, Local Loan Stock is not redeemable at any fixed date, but consists of perpetual annuities which may be redeemed at par subject to the provisions of that section on or after the 12th July, 1912, at the option of the Government. No promise to redeem within any period of time has ever been given by the Government. Local Loans Stock is not accepted in exchange for National War Bonds; the only securities so accepted are War issues, in respect of which it was one of the conditions of issue that they would be so accepted.