§ 51. Mr. ALEXANDER RAMSAYasked the Chancellor of the Exchequer if he can give an estimate of the value of British Government stocks held by foreign nationals; and what effect this amount has upon the possibility of the conversion of a portion of the said stocks to securities bearing a lower rate of interest?
Mr. CHAMBERLAINI would refer to the answer given to my hon. Friend the Member for the Deritend Division (Mr. Crooke) on the 22nd March, to which I have nothing to add.
§ Mr. RAMSAYIs my right hon. Friend bearing in mind that it is possible to borrow long-term money to-day at a rate of interest less than 5 per cent., and does he not think that it is a great hardship to the taxpayers that measures for conversion are so long delayed?
§ 54. Sir F. SANDERSONasked the Chancellor of the Exchequer the total 1720 amount of British Government securities held by British Government Departments, giving particulars of the Government Departments and the respective amounts held by each?
Mr. CHAMBERLAINThe total amount of British Government securities of all classes held by British Government Departments on the 31st March, 1931 (the latest date for which figures are available) is estimated at about £710,000,000. This figure does not include holdings of members of the public on the Post Office Register; nor British Government securities held by the India Office, the Crown Agents for the Colonies and the Public Trustee. Of the total, about £530,000,000 was held by the National Debt Commissioners for various funds, about £50,000,000 by the Charity Commissioners; £32,000,000 by the Ecclesiastical Commissioners and £37,000,000 in accounts of the Supreme Court and the balance in smaller amounts by numerous Departments.