§ Mr. Craven-Ellis
asked the Chancellor of the Exchequer whether he will give a complete list of Government securities issued from 1st April, 1939, to 31st March, 1942, and the total amount subscribed to each; and what is the annual interest charge on this part of the State's indebtedness outstanding on 31st March, 1942?
§ Sir K. Wood
Following is the list of Government securities issued for cash from 1st April, 1939, to 31st March, 1942,176W together with the net amount subscribed to each during that period:
£000 National Savings Certificates (net) 449,977 3 per cent. War Loan 302,527 3 per cent. Defence Bonds (net) 433,804 2½ per cent. National War Bonds 1,316,493 3 per cent. Savings Bonds 666,363 3 per cent. National Defence Loan 121,856 3 per cent. Funding Loan 120,825 Tax Reserve Certificates (net) 191,515 "Other Debt" (net) 156,683 Floating Debt (net), viz.: Treasury Bills 1,728,175 Ways and Means Advances 167,250 Treasury Deposits by Banks 496,500 6,151,968
The annual interest charge on this part of the State's indebtedness, excluding National Savings Certificates, is £111,796,000. It is not possible to give a figure for the annual interest charge of National Savings Certificates as this depends upon the period during which the Certificates are held.
Against the total annual interest charge for the above issues must be set the following savings of interest due to the use of part of the cash proceeds of those issues to repay maturing debt:
4½ per cent. Conversion Loan, 1940–44—Amount repaid, *£104,484,000—Annual interest saved, £4,702,000.
1 per cent. Treasury Bonds, 1939–41—Amount repaid, £100,000,000—Annual interest saved, £1,000,000.
(* In addition to £245,000,000 converted into 2 per cent. Conversion Loan, 1943–45.)
During the three years the sum of £40,550,000 was applied out of borrowed moneys to the redemption of debt, through the Sinking Funds.