§ 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?
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?