§ Mr. CHIOZZA MONEYasked the Chancellor of the Exchequer if, with reference to his reply to a question on 11th May, 1908, on the subject of debt reduction, he will state, assuming that all the reductions of debt, funded and unfunded, that have been effected since 31st March, 1903, were reductions of the debt incurred for the South African War, what was approximately the total amount of that debt. 287W remaining unpaid on 31st March in each year from 1903 to 1914; and what was approximately the interest payable upon that War Debt in each of these years?
§ Mr. LLOYD GEORGEAs explained in the reply referred to in the question, any calculation must be purely hypothetical. The following figures are arrived at on the same basis as those given in that reply—that is to say, they include dead-weight debt only, and leave out of account terminable annuities and 2½ per cent. and 2¾4 per cent. annuities, no securities of these descriptions having been created for the South African War. With these exceptions, they are based on the assumption that all reductions of debt, funded and288W unfunded, that have been effected during the years in question were reductions of War Debt:—
On 31st March. Estimated War Debt outstanding. Estimated Interest payable thereon. £ £ 1903 … 159,000,000 … 4,328,000 1904 … 153,243,000 … 4,074,000 1905 … 151,466,000 … 3,992,000 1906 … 144,077,000 … 3,735,000 1907 … 133,206,000 … 3,421,000 1008 … 117,049,000 … 3,017,000 1909 … 109,827,000 … 2,828,000 1910 … 101,753,000 … 2,662,000 1911 … 96,391,000 … 2,538,000 1912 … 87,425,000 … 2,312,000 1913 … 75,748,000 … 2,007,000 1914 … 67,676,000 … 1,801,000