HC Deb 06 December 1955 vol 547 cc172-3
5 and 6. Mr. Osborne

asked the Chancellor of the Exchequer (1) the estimated total national investment carrying a fixed rate of interest, such as bank deposits, national savings investments and building society deposits, which have no Stock Exchange quotation, and which cannot show an increase in nominal value;

(2) the total nominal capital of all securities quoted on the London Stock Exchange; how much is fixed-interest-bearing capital and equity capital, respectively; and the average rise or fall in the market value of each group, respectively, since 1924.

Mr. R. A. Butler

As the reply contains a number of figures, I will, with permission, circulate it in the OFFICIAL REPORT.

Mr. Speaker

Mr. Osborne.

Mr. Osborne

I cannot ask supplementary questions on information that is not given.

Following is the reply:

No figures are available for the total national investment carrying a fixed rate of interest. So far as the particular categories mentioned in Question No. 5 are concerned, the following figures are available for the end of 1954:

£ million.
Deposit and other accounts (excluding current accounts) of London clearing banks 2,456
Building society shares and deposits 1,757
National Savings 6,052

The total nominal capital of all securities quoted on the Stock Exchange at 31st March, 1955, was £27,749 million, of which £4,170 million was ordinary capital of companies; the rest, £23,579 million, included central and local government securities, securities of public corporations, and the debenture and preference capital of companies.

As regards the average rise or fall in market value since 1924, for ordinary capital some indication is given by the equity share price index published in the London and Cambridge Bulletin, which rose by 185 per cent. between 1924 and July, 1955. Reference may also be made to the Investors Chronicle monthly securities indices, which give the following figures:

(31st December, 1923=100)
24th November, 1955.
Gilt-edged … 98.7
Industrial fixed interest … 102.0
Industrials … 240.2