§ Sir W. Smithersasked the Chancellor of the Exchequer whether he will state for each of the past to years to 31st March the amount of the net profit on the note issue of the Bank of England and the amount credited to the miscellaneous revenue of the Exchequer?
§ Sir K. WoodBefore 28th February, 1939, the net profits of the issue department were received by the Treasury and paid into the Exchequer under Section 6 of the Currency and Bank-notes Act, 1928, and consisted of the net income from the securities held by the issue department after taking account of any profit or loss on periodical revaluation. After February, 1939, under the Currency and Bank-notes Act, 1939, the assets of the issue department have been valued weekly and transfers in respect of any differences arising from such valuation have been made to and from the Exchange Equalisation Account; and the profits of the issue department received by the Treasury under Section 6 of the Currency and Bank-notes Act, 1928, have also been paid into the Exchange Equalisation Account. The sums received by the Treasury in respect of the profits of the issue department in each of the 10 years to 31st March, 1943, have been as follow:
Year ended— £ s. d. 31st March, 1934 … 2,660,000 0 0 31st March, 1935 … 2,754,848 3 4 31st March, 1936 … 1,448,000 0 0 31st March, 1937 … 985,000 0 0 31st March, 1938 … Nil 31st March, 1939 … Nil 31st March, 1940 … 6,078,262 1 7 31st March, 1941 … 8,892,648 4 6 31st March, 1942 … 7,637,031 6 3 31st March, 1943 … 9,070,697 14 7