HC Deb 01 July 1937 vol 325 cc2148-9
51. Mr. Bellenger

asked the Chancellor of the Exchequer the cost of one year's interest charges and management expenses to the latest convenient date of the Exchange Equalisation Account?

Sir J. Simon

Under Section 24 (5) of the Finance Act, 1932, such borrowing as is required for the purpose of making issues to the Exchange Equalisation Account is part of the National Debt and it is not possible to earmark to that account a particular part of the general charge for interest and management of the National Debt. But an estimate of the maximum expense involved even if the whole of the account were continuously in use can be reached by applying the average rate for Treasury Bills which was 11s. 8d. per cent. last year. The expenses of management, including the cost of handling gold, are of the order of £30,000 a year.

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