HC Deb 14 May 1914 vol 62 cc1299-301W
Mr. STEWART

asked the Secretary to the Treasury if he will state our total Debt on 31st March, 1914, in the Consols,

I.—DEAD WEIGHT DEBT.
A. Funded Debt— £ s. d. £ s. d.
Consols 539,427,655 14 9
2¾ per cent. Annuities 3,828,566 5 10
2½ per cent. Annuities 29,815,780 13 0
573,072,002 13 7
Debt to Banks of England and Ireland 13,645,869 4 8
Total Funded Debt 586,717,871 18 3
B. Estimated Liability in respect of Terminable Annuities 29,552,219 0 0
C. Unfunded Debt—
Exchequer Bonds* 20,500,000 0 0
Treasury Bills 13,000,000 0 0
1,500,000 0 0†
Total Unfunded Debt 35,000,000 0 0†
Total Dead Weight Debt 651,270,090 18 3
II.-OTHER CAPITAL LIABILITIES* 56,384,019 0 0
Total 707,654,109 18 3†
*In addition to the Exchequer Bonds included in the Unfunded Debt, amounting to 20,500,000
there were outstanding the following Exchequer Bondswhich are included under the head of other Capital Liabilities, viz., issued for purposes of the Naval and Military Works Act £4,060,900
Issued for purposes of the Telephone Transfer Acts 6,397,000
Issued for purposes of the Cunard Agreement (Money) Act 1,820,000
12,277,900
Total Exchequer Bonds outstanding on 31st March, 1914 £32,777,900
†Treasury Bills to the amount of £1,500,000, having been paid off temporarily out of Exchequer Balances, were not actually outstanding on the 31st March, 1914. These Bills are, however, renewable under paragraph 10 (1) of the Revenue Act, 1906, not later than the 30th June, 1914. They must therefore be treated, for purposes of comparison, as liabilities still existing and are accordingly included as part of the outstanding debt on the 31st March, 1914.

2. Figures for the amount of Government Securities held by Government Departments on the 31st March, 1914, are not yet available. The latest figures are those for the 31st March, 1913, which will be found in the Government Departments Securities Return for 1913 (H.C. 146, of 1913).

floating Treasury Bills, and Exchequer Bonds respectively; the amount of Consols or Government Debt held by Government Departments; what is the amount at the credit of Savings Bank depositors; what is the amount of Government securities held against these deposits; how much of the Sinking Fund is available for interest and for capital reduction; and when the Treasury say they have applied so much for Debt reduction, is it the actual cash devoted to the purchase and cancellation of Consols or is it the face value of the reduction taking Consols at par?

Mr. MONTAGU

supplied the following:

1. The aggregate gross liabilities of the State on the 31st March, 1914, were £707,654,109 18s. 3d., made up as follows:

3. Figures for the total amounts standing to the credit of Savings Bank depositors on 31st March, 1914, are not available. On the 20th November, 1913, the amount to the credit of depositors in Trustee Savings Banks was £54,258,860, and on the 31st December, 1913, the amount to the credit of depositors in the Post Office Savings Bank was (partly estimated) £187,462,000.

Trustee Savings Banks. Post Office Savings Bank.
£ s. d. £ s. d.
Consols and other Stocks … … … 40,885,987 0 0 … 134,005,686 0 0
Exchequer Bonds … … … 82,400 0 0 … 2,861,800 0 0
Treasury Bills … … … 96,000 0 0 … —
Annuities for terms of years … … … 13,620,668 9 1 … 46,214,883 17 7

Government Securities include Local Loans and Irish Land Stocks. For a complete statement of the securities of all kinds held against these deposits reference should be made to H.C. 96, of 1914 (relating to Trustee Savings Banks as at the 20th November, 1913), and H.C. 176, of 1913 (relating to Post Office Savings Banks as at the 31st December, 1912) (Return for 1913 not yet available).

Interest and Management … … … £16,741,000
Repayment of Principal—
(a) Capital Portion of Terminable Annuities … … … £2,165,000
(b) New Sinking Fund … … … 4,594,000
6,759,000
£23,500,000

6. In the Returns laid before this House a clear distinction is drawn between the amount of cash applicable to the reduction of debt and the nominal amount of debt redeemed.

85. Mr. ROYDS

asked the respective amounts realised by the extra duties imposed by Section 73 of the Finance (1909–10) Act, 1910, on conveyances and transfers on sale, by Section 74 on conveyances or transfers operating as voluntary dispositions inter vivos, and by Section 75 on leases and tacks, for the financial year ended 31st March, 1914?

Mr. LLOYD GEORGE

Definite figures of the yield of the extra duties imposed by the several sections are not yet available, but the estimated accounts are as follows:—

£
Under Section 73 … … 605,000
Under Section 74 … … 70,000
Under Section 75 … … 104,000