HC Deb 17 March 1925 vol 181 cc2059-60

asked the Chancellor of the Exchequer what would be the total issue of notes, the total reserve of gold and silver, and the total fiduciary issue should the Bank of England note issue and the Treasury note issue be combined; and what would have been the corresponding figures five years ago?


As the reply contains many figures, I will, with my hon. Friend's permission, circulate it in the OFFICIAL REPORT.

Following is the reply

On the assumption made, the figures on the 25th February, 1925, would have been

£ s.
Total issue 399,376,080 10
Gold 153,761,020 0
Fiduciary issue 245,615,060 10

In addition to the gold, silver coin to the value of £7,000,000 is held in the Currency Note Account, but this is not reckoned as reducing the fiduciary issue.

The amount of currency notes of the 1st and 2nd Series, which have been called in, but not yet cancelled, amounted on the 25tb February, 1925, to £1,349,457; these notes are not included in the figures shown above.

The figures of the combined issues five years ago (25th February, 1920) would have been:

£ s.
Total issue 449,057,682 10
Gold 138,213,890 0
Fiduciary issue 310,843,792 10

Thus the total gold cover increased in the five years by more than £15,500,000, although the total issue was reduced by nearly £50,000,000.