§ 53. Mr. McENTEEasked the Chancellor of the Exchequer what was the total amount of the National Debt on 31st December, 1930; on 31st December, 1931; what were the total borrowings during the year 1931; and the additional interest charges incurred?
§ Major ELLIOTAs the reply embodies a number of figures, I will with the hon. Member's permission circulate it in the OFFICIAL REPORT.
§ Following is the reply:
§ The National Debt was £7,600,000,000 on 31st December, 1930, and about £7,596,000,000 on the 31st December, 1931. As a result of the heavy revenue receipts, the floating debt was reduced in January by over £91,000,000 against £58,000,000 in January, 1931. The present position is therefore much more favourable than at the 31st December.
§ Apart from day to day borrowings on Treasury Bills, etc., the only borrowings during the calendar year 1931 were:—
| £ | |
| 4½ per cent. Treasury Bonds 1934–6 (balance of issue made in December, 1930) | 82,500,000 |
| Proceeds of British Government Loans in France and the United States (net) | 81,500,000 |
§ Both of these Loans were used for the replacement of other forms of debt.
§ The interest payments in the calendar year 1931 were approximately £2,800,000 less than in the calendar year 1930.