Securities (Transfer Deeds)

Oral Answers to Questions — National Finance – in the House of Commons on 20th October 1942.

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Photo of Mr Lewis Silkin Mr Lewis Silkin , Camberwell Peckham

asked the Financial Secretary to the Treasury whether he is aware that transfer forms for stocks, although blank at the back, are now required to be accompanied by a separate form D which, until recently, was printed at the back of the transfer; that both forms are needed for the same transaction and are always kept together, and that the Stock Exchange do not regard two separate forms as necessary; and why the former practice has been changed involving a considerable waste of paper?

Photo of Captain Harry Crookshank Captain Harry Crookshank , Gainsborough

I would refer the hon. Member to my right hon. Friend's answer to the hon. Member for Colchester (Mr. Lewis) on 15th October and to the announcements in the Press on 16th October, that a new and simplified procedure in connection with transfers of securities is to be introduced as from 26th October. Under this; the use of a separate Form D will be abolished and the necessary declaration will ordinarily be printed on the back of the transfer deed. The hon. Member is, however, mistaken in stating that Form D was until recently printed on the back of transfer deeds. In fact it has been a separate document since its introduction in May, 1940.