National Debt (Conversion) Act 1888

1888 CHAPTER 2

An Act for reducing the Rate of Interest on the National Debt.

[27th March 1888]

WHEREAS by the [33 & 34 Vict. c. 71.] National Debt Act, 1870, it was provided that the new three pounds per cent. annuities (herein-after referred to as new three per cent. stock), being part of the National Debt, should, until redemption, continue to be payable by equal half-yearly dividends on the fifth day of April and the fifth day of October in each year, and should continue redeemable by Parliament at any time after the tenth day of October one thousand eight hundred and seventy-four at the rate of one hundred pounds sterling for every one hundred pounds of the capital sums in respect whereof those annuities were payable :

And whereas, with a view of reducing the rate of interest on the National Debt, it is expedient to provide for the conversion of the new three per cent. stock into stock of a lower denomination, and for the redemption of such portions of that stock as may be held by persons dissenting from such conversion :

And whereas it is also expedient, with the same view, to provide facilities for the conversion of the consolidated three pounds per cent. annuities and the reduced three pounds per cent. annuities (herein-after referred to respective as consolidated three per cent. stock and reduced three per cent. stock), into stock of a lower denomination:

Be it therefore enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows: