§ 55. Lieutenant - Colonel POWNALLasked the Chancellor of the Exchequer whether he is in a position to say how much our national indebtedness increased during 1919, and what the total figure of the National Debt was on the 31st December 1919; if he can say whether he expects there will be an increase during 1920: and, if so, to what extent?
Mr. CHAMBERLAINThe deadweight debt on 31st March, 1919, was £7,434,949,429. On 31st December, 1919, it was approximately £7,998,000,000, but of this nearly £140,000,000 is an increase in face value owing to conversions into 4 per cent. Victory Loans issued at a discount. I have every hope that there will be a substantial decrease in the debt in the financial year 1920–21.