§ 63. Mr. PETHICK-LAWRENCEasked the Chancellor of the Exchequer the total amount of national savings certificates which have been redeemed between 1st April, 1927, and 29th February, 1928, and the interest accrued thereon; and what is the total amount of new savings certificates taken up during the same period?
§ Mr. CHURCHILLI would ask the hon. Member to await the Budget statement. That is the usual and, I think, the most convenient occasion for reviewing these matters.
§ 64. Mr. AMMONasked the Chancellor of the Exchequer whether national savings certificates which have reached 10 years' maturity and are allowed to remain for a longer period are counted as fresh purchases or investments; and what is the number and value of reinvestments of certificates which have recently matured?
§ Mr. CHURCHILLThe answer to the first part of the question is in the negative and the second part of the question does not therefore arise.
65. Major-General Sir ROBERT HUTCHISONasked the Chancellor of the Exchequer the amount of the increase in the national indebtedness between the years 1923–24 and 1928–29 caused by the accretion of the interest due on national savings certificates; whether any special provision has been made for meeting this liability; and, if not, whether the increase of indebtedness under this head is to be regarded as a set-off against the amount of debt liquidated during those years by the sinking funds?
§ Mr. CHURCHILLThe interest accrued on certificates outstanding amounted on 31st March, 1923, to about £65 millions, and on 31st March, 1927, to about £121 millions, an increase of £56 millions. Later figures are not available. In reply to the last two parts of the question I would refer the hon. Member to paragraph 998 of the Report of the Colwyn Committee on National Debt and Taxation (Command Paper 2800).