§ Mr. AMMONasked the Chancellor of the Exchequer the details of the estimated expenditure on National Debt services, amounting to £335,000,000 for the year to 31st March, 1923, specifying separately the interest and other charges relating to each class of Exchequer Bonds, National War Bonds, War Loan, Consols, and other loans and annuities; and what are the comparative figures for the year to 31st March, 1922?
Mr. YOUNGIn view of the variations which take place during the year in the nature of the Debt, it is not possible to give a detailed Estimate for 1922–23 under the different heads within the total. For the figures for 1921–22, I would ask the hon. Member to await the Annual Finance Accounts.
§ Mr. W. CARTERasked the Chancellor of the Exchequer what was the increased liability incurred by the conversion of matured debt into 3½ per cent. Conversion Loan; what is estimated to be the increased liability due to the conversion of 5 per cent. National War Bonds maturing in October, 1922, into War Loan 5 per cent.; whether it is intended to convert any other debt maturing during the year to 31st March, 1923; and, if so, what will be the estimated increased liability due to conversion?
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Mr. YOUNGApart from conversions which have taken place or are taking place under the offer to holders of certain National War Bonds announced on 21st April and open until the evening of Monday next, 15th May, the total amount of 3½ per cent. Conversion Loan thus far created is approximately £387,000,000. This stock has been issued in exchange for National War Bonds, Exchequer Bonds, and 5 per cent. Treasury Bonds of an aggregate nominal value (leaving out of account redemption premiums on National War Bonds) of approximately £248,000,000. There has thus been an addition of about £139,000,000 to the nominal total of the debt in respect of Conversion Loan issues, £26,350,000 (nominal value) 5 per cent. National War Bonds due in October, 1922, were converted into 5 per cent. War Loan in April, 1922, resulting in a nominal increase in the debt of £1,385,000. Certain conversion options, in addition to the offer already mentioned at the beginning of this answer, remain open, so I cannot at present give a reply to the rest of the question. I hope to be in a position before long to issue a White Paper showing the results of recent debt operations and the state of the National Debt at their close.