Local Loan Stock.

Oral Answers to Questions — Ireland. – in the House of Commons on 14th February 1922.

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Mr. T. THOMSON:

60.

asked the Chancellor of the Exchequer what proportion of the recent £30,000,000 local loan 3 per cent. stock was allotted to the provinces; is he aware that, owing to the lists being closed before the bulk of the applications from the provinces could reach London, disappointment exists in the country at the way in which the issue was made; and, in order that this may not prejudicially affect future Government or semi-Government loans, will he use his influence with the issuing authorities so that taxpayers and ratepayers in the provinces may have adequate opportunities of participating to a larger extent in such issues in the future if they so desire?

Mr. YOUNG:

As a very large number of applications from provincial subscribers are made through London agents, it is impossible to say what proportion of the recent local loans issue was allotted to the provinces; but it is known that more than a sixth of the allotment letters were posted direct to provincial addresses, and that many applicants from the provinces made use of London agents. I regret that, owing to the large subscriptions to the loan, and the consequent early closing of the list, many provincial applications (as also many London applications) arrived too late, and I can assure my hon. Friend that both the Treasury and the Bank of England make every possible effort to secure wide participation in loans.

Mr. THOMSON:

Will the hon. Gentleman reply to the last part of my question, and state whether facilities will be given in the future to the provinces?

Mr. YOUNG:

I will do the best I can in regard to this matter.