§ Mr. STEPHENasked the Chancellor of the Exchequer the amount of the National Debt that has been paid off since he entered upon his present office?
Mr. SAMUELDebt to the nominal amount of £170,869,000 has been paid off out of Sinking Funds and other similar receipts between 1st November, 1924, and 31st October, 1927, and £30,454,000 of Victory Bonds and 4 per cent. Funding Loan surrendered for Death Duties have been acquired by the National Debt Commissioners on account of Sinking Fund. As against this total of over £201 millions fresh debt has been incurred to cover net deficiencies (£47,073,000) of revenue which have arisen in that period owing in the main to the stoppage in the coal industry.