§ Mr. HARMSWORTH(by Private Notice) asked the Chancellor of the Exchequer whether he will give the figure representing the total amount of money saved to the Imperial Treasury as a result of the series of offers of Conversion Loan made since His Majesty's Government came into office?
§ Mr. CHURCHILLThe issues of 3½ Conversion Loan since the present Government came into office have amounted to 129,660,000. The proceeds of £109,647,562 of this stock 30 have been applied in redeeming Exchequer Bonds and National War Bonds, with a resultant saving in interest of £775,650 a year. The proceeds of the balance of the stock are being used to redeem floating debt. The total saving by conversions of all kinds in the same period has been about £ 1,800,000 per annum.
§ Mr. DALTONWhat is the addition to the capital value of the debt?
§ Mr. CHURCHILLI could not give the figures without proper notice. Of course, time as well as amount has to be taken into consideration.
§ Mr. W. THORNEIs this another form of Capital Levy?
§ Colonel WEDGWOODWould it not be misleading to give these figures as saving which has been achieved when the right hon. Gentleman knows perfectly well that the capital liabilities have been increased, and, on redemption, will involve this country in large additional expenditure?
§ Mr. CHURCHILLAs to the extent to which capital liabilities have been increased, it is quite impossible for me to discuss that matter at Question time. No doubt, opportunties will occur in which the subject can be gone into, but, as I say, in the present value of capital liabilities you must take into account the factor of time as well as the factor of money.
§ Mr. THURTLEWill the right hon. Gentleman take care to see that the holders of this War Loan are treated with generosity?
§ Mr. CHURCHILLThey will be treated with justice and with a scrupulous regard to the fulfilment of public pledges.
§ Mr. N. MACLEANKeep your promises to the ex-service men and the unemployed.