§ Mr. CLOUGHasked the Chancellor of the Exchequer whether paper currency is still being issued in this country; if so, to what extent since 1st January, 1920; and the present figures of currency notes issues now in circulation as compared with the total on 1st January, 1919?
Mr. CHAMBERLAINThe active circulation of notes in the United Kingdom on 1st January, 1919, 31st December, 1919, and 7th July, 1920, was approximately as follows:—
— Currency Notes. Bank of England Notes. £ £ 1st January, 1919 323,240,501 70,190,250 31st December, 1919 356,152,022 87,349,990 7th July, 1920 … 360,122,230 106,643,815 These figures exclude Bank of England notes held in the Currency Reserve Account and notes issued by Scottish and Irish banks of issue which are largely covered by currency notes.
§ Major NEWTONasked the Chancellor of the Exchequer whether a considerable number of 5s. currency notes were printed bearing Sir John Bradbury' s signature; if on the appointment of Sir N. F. Warren Fisher as Permanent Secretary to the Treasury these were destroyed and a fresh issue prepared bearing the new name; if these have also been destroyed; and if it is now correct to assume that the Treasury have abandoned the intention of issuing any additional notes of lower denomination to those already in circulation?
Mr. CHAMBERLAINThe answer to the first two parts of the question is in the affirmative. The notes bearing Sir Warren Fisher's signature are still in stock, but as I have stated before, I hope it will not be necessary to issue them.