§ Sir G. COLLINSasked the Chancellor of the Exchequer the total amount of the statutory sinking funds for the current financial year which were repealed in the Finance Act, 1922?
§ Mr. BALDWIN:Linder Section 38 of the Finance Act, 1922, the new sinking fund—which is an unallocated fund of about £9,000,000 applicable to debt generally was suspended for one year. The sinking fund for 3½ per cent. Conversion Loan, 4 per cent. Funding Loan and 4 per cent. Victory Bonds amounting in 1922–23 to about £10,600,000 remain payable as provided in the prospectus of those issues. Power was taken last year to re-borrow, if necessary, to meet these sinking funds, but in the event it has not proved necessary to use this power.