asked the Chancellor of the Exchequer whether con- sideration has been given to the matter of a reduction in the Stamp Duties from 2 per cent.; whether he is aware of the danger that if the present charges in this country are maintained the United States may become the principal issuing market; and what decision has been arrived at?

I have carefully considered the 2 per cent. Stamp Duty on bearer securities, but find myself unable to propose any reduction in this duty at the present time.