§ Mr. HOPKINSONasked the Chancellor of the Exchequer to what extent the holders of the 5 per cent. National War Bonds, maturing on 1st April, have availed themselves of the last opportunity given to them to convert into 4½ per cent. Treasury Bonds?
§ Mr. BALDWINThe nominal value of the 5 per cent. National War Bonds due 1st. April, 1923, converted into 4½ per cent. Treasury Bonds was £10,883,000. I may add that the effect of this operation was a saving of about £50,000 per annum in interest.