§ Colonel WEDGWOODasked the Chancellor of the Exchequer whether the interest on national savings certificates is met out of the Consolidated Fund only at the expiration of the period of years for which they run; whether the interest is met when these certificates are renewed or only when they are not renewed; how much was, in fact, paid out as interest and arrears of interest on national savings certificates during the last financial year; how much is estimated to be paid out in this financial year; and what total amount of national savings certificates are now current?
Mr. YOUNGInterest is charged on the Consolidated Fund as and when savings certificates are paid off. £6,566,000 was paid for interest in 1921–22; £8,000,000 is estimated for interest in 1922–23. The total amount of certificates now current is approximately £342,000,000 (at issue price).