HC Deb 25 July 1927 vol 209 cc869-70W
Mr. WARDLAW-MILNE

asked 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extent interest-bearing debt was increased in the same period; and how much silver coin and Bank of England notes was withdrawn from circulation in the same period, apart from increases of the latter issued in exchange for gold?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. CHURCHILL

I 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 Silver coin withdrawn from circulation was approximately £9,500,000.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.

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