HC Deb 06 May 1914 vol 62 cc286-8W

asked the Chancellor of the Exchequer if, with reference to his reply to a question on 11th May, 1908, on the subject of debt reduction, he will state, assuming that all the reductions of debt, funded and unfunded, that have been effected since 31st March, 1903, were reductions of the debt incurred for the South African War, what was approximately the total amount of that debt. remaining unpaid on 31st March in each year from 1903 to 1914; and what was approximately the interest payable upon that War Debt in each of these years?


As explained in the reply referred to in the question, any calculation must be purely hypothetical. The following figures are arrived at on the same basis as those given in that reply—that is to say, they include dead-weight debt only, and leave out of account terminable annuities and 2½ per cent. and 2¾4 per cent. annuities, no securities of these descriptions having been created for the South African War. With these exceptions, they are based on the assumption that all reductions of debt, funded and unfunded, that have been effected during the years in question were reductions of War Debt:—

On 31st March. Estimated War Debt outstanding. Estimated Interest payable thereon.
£ £
1903 159,000,000 4,328,000
1904 153,243,000 4,074,000
1905 151,466,000 3,992,000
1906 144,077,000 3,735,000
1907 133,206,000 3,421,000
1008 117,049,000 3,017,000
1909 109,827,000 2,828,000
1910 101,753,000 2,662,000
1911 96,391,000 2,538,000
1912 87,425,000 2,312,000
1913 75,748,000 2,007,000
1914 67,676,000 1,801,000