§ 96. Mr. WADDINGTON
asked the Financial Secretary to the Treasury what was the average price of issue of the 3½ per cent. Conversion Loan; what was the amount of Sinking Fund to be provided at the end of the financial year in accordance with the terms of issue; whether the amount has yet been used to repurchase part of the loan; and, if so, what is the average price at which the repurchases have been made?
3½ per cent. Conversion Loan was created in May, 1921, in exchange for National War Bonds at 160 to 163 for each£100 nominal of Bonds according to the different maturities of the Bonds exchanged in April, 1922, in exchange for 5½ per cent. Treasury Bonds A and B at 146 and for 5 per cent. Exchequer Bonds, 1922, at 136. It is now being offered in exchange for National War Bonds due in October, 1922, and April, 1923, at 134 for each£100 nominal of Bonds exchanged. The Sinking Fund due to be set aside as on 1st April, 1922, to be employed in purchasing stock for cancellation in the present half-year amounted to£2,660,678 13s. 11d., of which£425,000 has been applied thus far. Particulars of the amount of stock purchased with the Sinking Fund will be issued in due course.