§ 35. Mr. LOGANasked the Chancellor of the Exchequer the number of 15s. 6d. savings certificates which have been converted; the total of money involved; and the estimated saving to the Exchequer?
§ Major ELLIOTDown to the end of March some 350,000 applications had been received covering roughly £60,000,000. This could in any case have been regarded as a gratifying result, but as already announced I have decided to keep the lists open for a further short period as I understand that holders of the very large number of certificates issued at the end of March, 1922, are only now making application for conversion. The list will, however, have to be closed shortly. It is impossible to give any precise answer to the last part of the question. The first series certificates were issued during the War or shortly after and gave holders during the first 10 years a yield of £5 6s. 2d. tax free. The bulk of the present conversions are into conversion certificates yielding £4 2s. 9d. tax free over 10 years or into 4½ per cent. Conversion Loan.