§ Sir J. MARRIOTTasked the Chancellor of the Exchequer the nominal amount of National Debt either redeemed in cash or converted since 1919; and, in the case
(a) Nominal amount redeemed in cash or converted. 1926 … … … £260,083,000 1927 … … … £551,714,000
(b) Nominal amount and denomination of debt set up in respect of conversions. Debt set up. Debt converted. £ £ 4½% Treasury Bonds, 1934 83,817,000 5% Treasury Bonds, 1927 83,817,000 4% Consols 133,783,0001 5% National War Bonds 65,341,000 4% National War Bonds 35,420,000 5% Treasury Bonds, 1927 9,173,000 3½%Conversion Loan 111,063,000 3½% War Loan, 1925–28 21,168,000 5% National War Bonds 49,151,000 4% National War Bonds 10,275,000 5% Treasury Bonds, 1933–35 131,158,000 5% National War Bonds 112,035,000 4% National War Bonds 13,026,000 5% War Loan, 1929–47 137,062,000 5%National War Bonds 130,209,000 4% War Loan, 1929–42 20,099,000 4% National War Bonds 20,099,000 5% National War Bonds, 1929 2,470,000 5½% U.S.A. 10 Year $ Bonds 2,182,000 4½% Conversion Loan, 1940–44 10,362,000 Savings Certificates (conversion value). 12,387,000 4% National Savings Bonds 621,000 National Savings Certificates (3rd Series). 1,728,000 It should be borne in mind—
(1) That the conversions of 5% National War Bonds to 4% War Loan, of 4% National War Bonds to 4% War Loan, 1929–42, and of 5½% U.S.A. 10 year Dollar Bonds to 5% National War Bonds, were effected at the option of the holders in accordance with the terms of the original prospectus in each case.
(2) That approximately £59 millions of 4% National War Bonds on which income tax is compounded have been converted to stocks on which the dividends are liable to tax.
(3) That as a result of the conversions of 5% National War Bonds a liability to pay premiums on redemption has been cancelled to the extent of £33 millions.