Acquisition of Securities (Payment).

Oral Answers to Questions — National Finance. – in the House of Commons on 11th June 1942.

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Photo of Mr Roland Jennings Mr Roland Jennings , Sheffield, Hallam

asked the Chancellor of the Exchequer whether he is aware that interest is lost to holders of securities acquired under the terms of the Acquisition of Securities (No. 4) Order, 1940, owing to the delayed capital payment by the Treasury; and how does he propose to deal with this matter?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

I am not aware that the Treasury is responsible for any delay in payment for securities acquired under the Order to which my hon. Friend refers. Payment (including an allowance for the period up to 26th November, 1940) was made on 26th November, 1940, for securities, the documents of title to which were delivered punctually in accordance with the Directions made under the Order, and where delivery was delayed beyond the stipulated date, one month after delivery.

Photo of Mr Roland Jennings Mr Roland Jennings , Sheffield, Hallam

If I give my right hon. Friend particulars of cases where delay has caused loss, will he make some concession to the holders?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

I should be glad to see them.

Photo of Sir John Mellor Sir John Mellor , Tamworth

Is the amount included in the price based on 2½ per cent. gross or net?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

My hon. Friend had better put that Question on the Paper.