HC Deb 06 April 1925 vol 182 c1832
91. Sir F. WISE

asked the Chancellor of the Exchequer the amount that the National Debt has been increased by since 1921, when conversions were started, owing to the 3½ per cent. conversions being issued at a discount?

Mr. GUINNESS

The nominal increase of debt clue to conversion operations into, and the issue by tender of, 3½ per cent. Conversion Loan at a discount, amounts to £243,240,000.

Mr. PETHICK-LAWRENCE

When the right hon. Gentleman speaks of a nominal increase, is it not in fact a pro tanto reduction of the Sinking Fund?

Mr. GUINNESS

No, I do not think so.