§ Mr. HURDasked the Minister of Transport what amounts were allocated or paid from the Road Board Fund to the Rural District Councils of Highworth, Devizes, Marlborough, Ramshury, and Pewsey, respectively, for the years 1923-24 and 1924-25, respectively; and what were the amounts allocated or paid for improvement only and maintenance only, respectively?
§ Colonel ASHLEYThe grants made from the Road Fund to the rural district councils referred to in the question, during the years 1923-24 and 1924-25, are set out below:
charge. The interest payable in the year 1920-21, including interest due on the debt to the United States Government, was £375,900,000. In 1925-26 the sum payable is estimated at £305,000,000.
(b)A reduction in the nominal capital value of the Debt by £351.606,000 net, as stated above.
(c)Funding Loan and Victory Bonds in the hands of the National Debt Commissioners Approximately £48,500,000 of these securities tendered for Death Duties are held by the National Debt Commissioners; their cash value has been paid into the revenue out of the Sinking Fund and in everything but name they represent a further reduction already effected in the Debt of £48,500,000.:
(d)A release from the payment of premiums. Statistics of nominal value do not allow for the fact that many War Bonds are, under the terms of issue, to be redeemed by the State at a premium. This 777W liability was £46,500,000 on 31st December, 1919, and is now £31,135,000, a reduction of £15,365,000.
(e) A substantial alleviation of the burden on the State as a result of considerable changes effected in the nature of the Debt. Thus, foreign debt: has been replaced by internal debt, debt immediately payable by long term debt, debt redeemable at fixed dates at the holders' option by debt redeemable only at the option of the State.
The following instances will illustrate the improvements which have been secured.
The floating debt, which is the least desirable form of debt, amounted on 31st December, 1919, to £1,349,000,000 or 16.9 per cent. of the whole. If the debt to the United States Government, then unfunded, is included, it was £2,216,000,000, or 27.7 per cent. of the whole. It is now £742,000,000, or 9.7 per cent. only of the total Debt.
Excluding the floating debt, National Savings Certificates and debt to the United States Government, the Debt maturing before 31st March, 1930, stood, on 31st December, 1919, at £2,202,922,000, or 27.5 per cent. of the total. The corresponding figure now is £1,041,245,000, or 13-6 per cent. of the total.
At the other end of the scale, the proportion of the Debt redeemable at the option of the State only has been greatly increased. It was £315,000,000, or only 3-9 per cent of the total Debt on 31st December, 1919, and is now £1,022,700,000, or 13.4 per cent. of the total.