HC Deb 17 July 1919 vol 118 cc596-7
58. Mr. HOLMES

asked the Chancellor of the Exchequer whether he can state the total amount of the subscriptions to the Victory Loan?


I am glad to be able to give the House approximate figures of the result of the War Loans. As a certain number of applications have still to be dealt with, some addition will be made to these totals when the final figures are available.

The total stock or bonds applied for in cash (including Treasury Bills) is:

Funding Loan— £
Bank issue 265,000,000
Post Office issue 9,000,000
Victory Bonds— £
Bank issue 254,000,000
Post Office issue 11,000,000

making a total applied for in cash or Treasury Bills for both Loans of £539,000,000.

This figure represents the face value of the stock subscribed for. The issue prices being 80 and 85 respectively; the cash receivable is, of course, considerably less—about £450,000,000, to which must be added cash received in respect of War Savings Certificates during the period of the Loan amounting to £9,600,000.

Over and above these figures, stocks and bonds created in respect of conversions are—

Funding Loan 105,000,000
Victory Bonds 64,000,000
Total conversions 169,000,000
Total Loans created (cash and conversions) 708,000,000

In view of all the circumstances, this is a very satisfactory result, which could not have been obtained except by the unflagging efforts of all concerned in the campaign, to whom I again tender my grateful thanks for the work which they have done. But the House will recognise that the financial situation is still beset with many difficulties, and that great caution is required both in national finance and private expenditure.


May I ask whether, in view of those figures, about which I express no opinion, the right hon. Gentleman will now consider the desirability of making an early issue of premium bonds?


No, Sir.

57. Major COLFOX

asked the Chancellor of the Exchequer whether he is aware that, during the Victory Loan campaign, a charge of £30 to £40 was made to country towns requiring a tank to help the cause; whether this charge was made on his instructions; who was expected to pay this charge; whether, considering the use to which it was put, the tank could have been supplied gratis; and whether, owing to this exorbitant charge, few tanks were used and a great many subscriptions were lost to the country?


I am not aware that any charge was asked or made in connection with the loan of a tank to any town during the Victory Loan campaign.