64. Mr. T. THOMSONasked the Financial Secretary to the Treasury whether he is now in a position to state what was the total amount of the National Debt on 31st December, 1918, so that a comparison may be made with the figure for 31st December, 1919?
Mr. YOUNGThe approximate deadweight Debt on 31st December, 1918, was £7,290,000,000. The corresponding figure in December, 1919, was £7,998,000,000, the increase of £708,000,000 being due partly to fresh borrowing in 1919 for outstanding War charges and demobilisation, and partly to the increase in the nominal total of the debt by £140,000,000 as the result of conversions at a lower rate of interest into 4 per cent. Funding Loan and 4 per cent. Victory Bonds.