HC Deb 27 March 1945 vol 409 c1316
56. Mr. Stokes

asked the Chancellor of the Exchequer what conversions have taken place into Government securities other than into saving bonds of the £1,794,500,000 Treasury deposits receipts outstanding at 31st December, 1944.

Mr. Peake

As the answer contains a number of figures, I will, with the hon. Member's permission, circulate a statement in the OFFICIAL REPORT.

Mr. Stokes

Can my right hon. Friend tell the House how much of the money referred to in the Question is new money created by the banks?

Mr. Peake

No, Sir, I cannot do that without notice.

Mr. Stokes

If I give my right hon. Friend notice, will he answer the question?

Mr. Peake

If the hon. Member will put it down.

Following is the statement:

The figure of £1,794,500,000 represents the total of Treasury Deposit Receipts outstanding on 31st December, 1944, and these had, of course, not been used to cover subscriptions to Government issues up to that date.

The table below shows the approximate totals of the loans (other than 3 per cent. Savings Bonds) to which encashments before maturity of Treasury Deposit Receipts over the period from 30th June, 1940, to 31st December, 1944, were applied:

£ millions
2½ per cent. National War Bonds 835
1¾ per cent. Exchequer Bonds 6
Tax Reserve Certificates 732
Post Office Issues 35
1,608