§ 17. Colonel DAYasked the Secretary to the Treasury the number of Treasury notes that were cancelled for the 12 months ended the last most convenient date?
§ Mr. McNEILLBetween the 25th March, 1925, and the 25th March, 1926, there were cancelled 406,024,673 one pound notes. 201,474,207 ten shilling notes and currency notes certificates to the value of £16,370,000.
§ Colonel DAYWas a like number of notes re-issued to the amount cancelled?
§ Mr. McNEILLOf course.
§ Lieut. - Commander KENWORTHYWas this clear deflation or were bank notes issued in lieu of any of these Treasury notes cancelled?
§ Mr. KIRKWOODWhere has all this money gone? Who has got all these notes?
§ Mr. STEPHENHave there been any notes issued in place of those cancelled?
§ Mr. McNEILLYes, of course.
§ Lieut. - Commander KENWORTHYThen this amount does not represent a diminution of the currency at all if bank notes have been issued instead.