§ Major HILLS
asked the Financial Secretary to the Treasury if he will give the net gain to the Exchequer for the current financial year arising from the conversion of the 5 per cent. War Loan?
§ Mr. HORE-BELISHA
The direct gain to the Exchequer this year resulting from the War Loan Conversion operation is nearly £32,000,000 gross, or, if account is taken of the loss of Income Tax and Surtax, it may be about £24,500,000 net.