BRITISH POLITICS.

Hokitika Guardian, 13 November 1929, Page 5

BRITISH POLITICS.

[United Press Association—By Electric Telegraph.—Copyright.]

(Received this day at 12.25. p.m.) LONDON, Nov. 12.

In the Commons, Mr Snowden, replying to a series of questions regarding the Conversion Loan, said the contract for placing £30,090,000 separately at 99] was not an ordinary underwriti tig transaction. Ac range* incuts for it, could not be made until the day following the issue of the prospectus, le.-J there should be a premature leakage of information. He therefore, had not mentioned the prospectus. He was influenced in this matter by tiie cl.ffioulties of the present period, the imminence of maturity and especially the results of the Government issue last year, when the floating dent was increased by fifty millions. Having regard to the present figure of the floating debt, lie could not run any risk, lie repudiated the suggestion that a subsequent offer altered the terms of the prospectus. Apart from the thirty millions, there bad not been a change from the normal methods. Regarding the terms of issue, while lie hoped the pri e of money would decline, it was necessary to prevent an increase in the floating debt, Sir H, O’Neill: Does not a heavy depreciation of Government stocks imply the conversion offered an extremely fine investment, at an unnecessary cost to the country? Mr Snowden: Undoubtedly it was a favourable investment. I do not attach importance to the fall of some Government stocks for a few days. If you repeat the question in three weeks I will have a different answer.

Air Shaw, in answer to a question, said provision existed for increasing the Victoria. Cross pensions to £75, inclusive of other pensions, where the recipients wore unable to earn a livelihood through reason of age or medical infirmity.

Mr Lambert Ward: Then there is a means list.

Mr Shaw: The practice of the last few years implies a question of means.