§ Mr. SHAKESPEAREasked the Chancellor of the Exchequer what changes have been effected since 31st March, 1922, up to 1st November, 1922, in the composition of the National Debt as the result of the various conversion options which have been available?
§ 1 Mr. BALDWINThe following statement shows,as on 1st October, 1922, the approximate amounts of Exchequer Bonds, 5½ per cent. Treasury Bonds and National War Bonds, converted since 31st March, 1922, into 3½ per cent. Conversion Loan, 4½ per cent. Treasury Bonds or 5 per cent, or 4 per cent. War Loan: —
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Bonds converted. Stock or Bonds issued in exchange. Stock. Nominal Amount. Annual Interest thereon. 3½% Conversion Loan. 4½% Treasury Bonds. 5% War Loan. 4% War Loan. Annual Interest thereon. £ £ £ £ £ £ £ 5% Exchequer Bonds, 1922 (April) 14,476,628 723,831 19,688,214 689,087 5½% Treasury Bonds, 1929 214,457,456 11,795,160 313,107,885 10,958,776 5% National War Bonds, October, 1922 90,017,832 9,919,734 5% National War Bonds, April, 1923 100,812,264 5% National War Bonds, September, 1923 6,749,219 94,482,098 3,306,873 5% National War Bonds, October, 1924 19,060 5% National War Bonds, April, 1925 24,590 14,233,521 640,508 5% National War Bonds, September, 1925 1,325 5% National War Bonds, October, 1927 444,969 120,040,892 6,002,045 5% National War Bonds, April, 1928 216,796 5% National War Bonds, September, 1928 108,622 4% National War Bonds, October, 1927 175,950 25,666 641,658 25,666 4% National War Bonds, April, 1928 288,250 4% National War Bonds, September, 1928 177,458 427,970,419 22,464,391 427,278,197 14,233,521 120,040,892 641,658 21,622,955 £562,194,268
£ Nominal increase in Debt … … … 134,223,849 Decrease in Interest Payment … … … 841,436 Decrease in eventual liability for premiums on National War Bonds … … … 3,991,454 NOTE—In addition to the above, External Debt was converted into Internal during the six months as follows:—
5½% $ Three Year Notes and Ten Year Bonds. National War Bonds. $58,331,300 into £13,567,850 This involved a decreased cost in Interest of about £51,000.
302W303WThe total conversions effected since 31st March, 1922, under the various options have been as follows:—
Exchequer Bonds converted under offer of 18th February, 1922–£14,476,628 into £19,688,214 Conversion Loan.
National War Bonds converted under offer of 21st April, 1922–£70,509,029 into £94,482,098 Conversion Loan; £8,993,521 into £8,993,521 4½ per cent. Treasury Bonds.
National War Bonds converted into 5 per cent. and 4 per cent. War Loans under original options—£114,038,896 5 per cent. Bonds into £120,040,892 5 per cent. War Loan; £641,658 4 per cent. Bonds into £641,658 4 per cent. War Loan.
Further National War Bonds to the amount of £4,853,231 have also been exchanged for £5,240,000 4½ per cent. Treasury Bonds, as a special arrangement, without involving any cash payment.
5½ per cent. Treasury Bonds, 1929, converted under original option—
As onst April—£69,634,160 into £101,665,873 Conversion Loan.
At onst October—£144,823,296 into £211,442,012 Conversion Loan.
Total—£214,457,456 into £313,107,885 Conversion Loan.
Debt maturing this year has been converted to extent of £104,494,460, and that maturing next year to extent of £107,561,483.
The nominal amount of Debt has been increased by £134,223,849, but the annual charge for interest has been reduced by £841,436. The conversion of National War Bonds into 4½ per cent. Treasury Bonds involved a "cash payment" amounting to £359,741. An eventual liability of £3,991,454 for premiums on National War Bonds has been avoided by these conversions.
§ Mr. BARKERasked the Chancellor of the Exchequer the amount of reduction of the National Debt during the years 1918, 1919, 1920, 1921, and 1922; the amount of interest paid on the National Debt during the years referred to; and the estimated aggregate amount of the National Debt at the expiration of the present financial year?
§ Mr. BALDWINThe hon. Member will find the information he requires for each of the years ended 31st March, 1918 to304W 1922, as regards the capital of the Debt in the National Debt Return recently issued (House of Commons Paper 168 of 1922), and, as regards interest, in the annual Finance Accounts. I must ask him to wait until the Budget Statement for the estimate of the amount outstanding on 31st March, 1923.