§ Colonel Clarkeasked the Financial Secretary to the Treasury why the stock of the Buffalo and Lake Huron (Railway) Dominion of Canada is classed as a foreign investment under the Emergency Regulations; and whether any other Dominion stock is also so classed?
§ Captain CrookshankBy the Securities (Restrictions and Returns) Order, made under the Defence (Finance) Regulations, 1939, a return must be made by all residents in the United Kingdom of their holdings of securities of which the principal and interest are payable in certain specified currencies or in respect of which the holder has an option to require the 1219W payment of principal, interest or dividends in the specified currencies. The specified currencies include Canadian dollars. If as I understand the principal and interest of the stock of the Buffalo and Lake Huron Railway are payable only in sterling, the Order would not apply in this case.
The Order to which I have referred does not apply to securities whose principal and interest are payable in the currency of any Dominion other than Canada without an option to pay in one of the specified currencies.