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National Debt

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NATIONAL DEBT. The Bank of England manages the National Debt as the agent of the Government, and the various stocks are transferable in the books of the Bank of England. (As to the Bank's remuneration for this, see BANK OF ENGLAND.) A stockholder on transferring stock must attend personally at the Bank to sign the transfer in the books of the Bank, and he must be identified by a recognised stock broker, or, if unable to attend, the transfer may be effected by his attorney lawfully authorised in writing under his hand and seal, and attested by two or more credible witnesses. A holder's title is the entry in the Bank books, and a transferee may, if he wish, verify the entry in the books and sign the books as an acceptance thereof. No certificate is issued. A purchaser receives merely a receipt signed by the seller or his attorney. Stockholders can accept by themselves, or their attorneys, all transfers made to them, and should it be inconvenient to stockholders to attend at the Bank to accept stock, they can obtain a confirmation of the fact of the inscription of the stock by forwarding the stock receipt, with a request for confirmation and a postal order for I s., to the Chief Accountant, Bank of England, E.C.

Under the National Debt Act, 1870, Section 26, holders of stock in the public funds may ' convert their holding into certificates to bearer with coupons attached for the pay ment of the dividends, but trustees are not authorised to hold these certificates to bearer unless they have permission by the terms of the trust. The charge for the issue of stock certificates is 2s. per cent. and for re-inscrip tion per certificate. The certificates are issued to " bearer," but a holder can insert a name and so make the " certificate " nominal, in which case it cannot be re-inscribed in any name other than that so inserted unless duly indorsed in the presence of two witnesses.

The Bank does not recognise any trust, and when the stock is registered in more than one name, and one of the parties dies, the Bank deals only with the surviving holder or holders.

The Bank will not register more than four holders in any one account. A holder may have more than one account provided that each one is distinguished either by a number or by such other designation as may be directed by the Bank, but more than four accounts in the same name are not permitted.

Stock cannot be added to a joint account where the death of one of the holders has ben notified to the Bank, but the surviving holders may open a new account and have the old one transferred to it. Stock may be registered in the name of a corporation or of two or more bodies corporate and the holding will be deemed by the Bank a joint tenancy.

A power of attorney for acceptance, sale or transfer, or any combination thereof (with or without dividends) costs 11s. 6d. A power for sale of English Government stock, where the nominal amount does not exceed Q100, costs 4s. An application for a power of

attorney must be made personally or by an agent. if a stockholder acts himself, after the issue of a power, the power is thereby revoked. Stock may be legally transferred under a power of attorney after the death of the stockholder provided the Bank has no notice of his death.

On the death of a sole stockholder, or last survivor in a joint account, the stock shall be transferable by his executors or administra tors, notwithstanding any specific bequest thereof, but no stock can be transferred until the probate of the will or letters of administration has or have been left with the Bank for registration.

No stamp duty is payable in respect of any dividend warrant, transfer of stock, stock certificate or coupon (National Debt Act, 1870, Section 71).

At foot of page is a copy of a Local Loans Stock receipt and the various notices to holders printed thereon.

Should it be desired that the dividends be paid in some way other than by post to the first, or sole, stockholder—which is done without application—the necessary instruc tions must be lodged at the Bank.

Fresh instructions are not required upon an alteration in the amount of an existing account.

(b) Dividends will be paid to any Stock holder, Executor, or Administrator, person ally attending at the Bank, on his written Request, in the case of a Sole Account, or on the written Request of all the Stockholders, Executors, or Administrators, in the case of a Joint Account. The Request in either case must be in the prescribed form.

Forms of Postal Request can be obtained at the Bank of England, at any of their Branches, or at any Money Order Office throughout the United Kingdom.

Postal Dividend Warrants will be crossed " & Co." and must therefore be presented for payment through a banker. The Bank cannot undertake to cross a 'Warrant payable to a banker with the account to which the Dividend is to be placed. The Stockholder must himself instruct the banker.

Persons who receive Warrants by post, should give notice to the Bank if they are not received on the day on which they ought to be delivered ; but need not acknowledge those that arrive in due course.

Forms of Request, for the receipt of Divi dends on Personal Attendance, can be obtained on application at the Dividend Office, Bank of England.

Under the provisions of the National Debt Acts, Stocks and Dividends unclaimed for ten years are transferred to the Commis sioners for the Reduction of the National Debt, but may be reclaimed by the persons entitled thereto.

Communications relative to Local Loans per cent. Stock should be addressed, postage prepaid, " The Chief Accountant," Bank of England, London, E.C.

Stock Certificates to Bearer, of the de nominations of £50, £100, £200, £500, and £1,000, with Coupons, for the quarterly Dividends attached, may be obtained in exchange for inscribed Stock.