On the subject of the reduction of the rate of
interest, Mr:. Childersremarked on the very rapid rise in value of the Two- and-a-half per Cents., which had risen from 86 to 91 in two years' time, though Three per Cent. Consols had risen only by a fraction in the same time. Mr. Childers proposes to let every bolder of the- Three per Cent. Stock accept, if he pleases, £108 in Two-and- a-half per Cent. Stock for £100 of his present stock, and to create a new Two-and-three.quarters . per Cent. Stock, redeem- able at par in 1905, which every holder of Three per Cent. Stock may obtain at the rate of £102 of the Two-and-three-quarters per' Cent. Stock for £100 of the Three per Cent. Stock. The result of this proposal was that yesterday evening, before we went to- press, the Two-and-a-half per Cent. Stock was quoted at a price above 93.
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