§ Sir J. Mellorasked the Chancellor of the Exchequer whether the conditions, laid down by the Treasury, for making advances under the Public Works Loans Act to enable repayment of any unconverted stock by local authorities, who are exercising options to repay coupled with offers 720W to convert, preclude such local authorities from offering a conversion stock at a higher price than par, or a lower rate of interest than 3½ per cent., or a life other than 19 to 29 years?
§ Sir K. WoodYes, Sir; it was necessary to arrange for the conversion offers to be made on uniform terms in order to facilitate the large operation of converting the stocks of the 19 local authorities at present involved.