§ 37. Mr. HANNONasked the Chancellor of the Exchequer what proportion of the Treasury Bills shown in the Floating Debt Return for March, 1922, consisted of bills deposited as collateral security for external debt; and whether this sum is also included in the total of external debt for the same date?
Mr. YOUNGThe Treasury Bill total given in the Exchequer Return for 31st March, to which I assume my hon. Friend refers, is the total of all Treasury Bills. Of this total about £8,500,000 either carry an option of repayment abroad or are issued as collateral for foreign debt. These bills are counted as external debt for the purposes of the External Debt Return.