§ 26. Sir J. Langford-Holtasked the Chancellor of the Exchequer if he will now give a repayment rate for 3 1\2 per cent. War Loan stock at par sufficiently distant as not to affect materially the present value of the stock in such a way as not to vary the terms but at the same time to ensure the ultimate repayment of the loan.
§ Dr. GilbertNo. To do so would amount to altering the terms of issue. There are other important objections. The sums involved in redeeming War Loan and other undated stocks are so large that fixing a redemption date would have serious implications for the policies of the Government of the time.