§ 60. Mr. D. MASONasked the Chancellor of the Exchequer what is the present amount of the floating debt, i.e., Treasury Bills outstanding here and in America, Ways and Means advances, and Treasury currency notes, etc.; and whether there is any intention on the part of His Majesty's Government to fund this floating indebtedness by the issuing of a long-term loan?
§ Mr. BONAR LAWThe amount of Treasury Bills, Ways and Means advances, and War Expenditure Certificates outstanding on the 9th February was (including £20,000,000 Treasury Bills issued in the United States of America) £1,341,373,600. The amount of currency notes and certificates outstanding on 6th February was £213,579,771, of which £28,500,000 were covered by gold, £5,819,551 by cash at the Bank of England, and the balance by Government securities, mainly of short date, which are included in the totals I have just given. As regards the last part of the question, I would point out that 270 since the 1st January last the Floating Debt has been reduced by about £38,000,000— largely out of the proceeds of National War Bonds—and that further reduction is looked for before the end of the current quarter. Up to the end of last week the applications to National War Bonds amount to about 352,000,000. This system of continuous borrowing was adopted by me as a substitute for a Loan, and I have now every hope that it will be successful.