§ Mr. WADDINGTONasked the Chancellor of the Exchequer what Act of Parliament gave the Treasury authority to issue the recent 3½ per cent. War Loan Conversion; what amount of sinking fund will be required in the first year under the terms of the conversion; and what would have been the amount of sinking fund required in the first year if the conversion had been made without increasing the original amount of the loan?
Mr. YOUNGThe answer to the first part of the question is the War Loan Act, 1919, and Section 60 of the Finance Act, 1916; and to the second part approxi-434W mately £5,200,000 taking the amount of National War Bonds converted as £160,000,000. The third part is a hypothetical question which does not admit of an answer.
§ Mr. GALBRAITHasked the Chancellor of the Exchequer what would be the. additional cost falling on the Exchequer on account of the superior terms offered under the recent scheme of conversion for War Bonds?
Mr. YOUNGOnly very approximate figures are at present available. My right hon. Friend the Chancellor of the Exchequer hopes towards the end of next week to be in a position to make a statement showing, subject to final adjustments, the amounts of each class of National War Bonds converted, and the amount of new 3½ per cent. Conversion Loan created in exchange. The latest available figures show that approximately £160,000,000 of National War Bonds were converted.