§ Mr. WARDLAW-MILNEasked the Chancellor of the Exchequer how much non-interest bearing debt in the form of paper currency was redeemed between March, 1920, and March, 1923, and to what extent interest-bearing debt was increased in the same period; and how much silver coin and Bank of England notes was withdrawn from circulation in the same period, apart from increases of the latter issued in exchange for gold?
§ Mr. CHURCHILLI ought to remind my hon. Friend that currency notes do not constitute "debt." The reduction in currency notes in the period indicated was £49,756,000. Silver coin withdrawn from circulation was approximately £9,500,000. The active circulation of Bank of England notes increased by £2,616,000. The gold in the Issue Department increased by £14,036,000. My hon. Friend is mistaken in supposing that there was any increase in interest-bearing debt in the period in question. The annual debt returns show a substantial decrease.