HC Deb 07 July 1944 vol 401 cc1432-6W
Sir W. Smithers

asked the Chancellor of the Exchequer what were the average daily outstanding amounts of Treasury Bills, Ways and Means advances by the Bank of England, Ways and Means ad- vances by public Departments and Treasury deposits by banks, separately, during each quarter since the beginning of 1943.

— Average amounts outstanding during each quarter (£000).
Quarter ending Treasury Bills. Ways and Means Advances by Treasury Deposit Receipts.
Bank of England. Public Depts.
1943
31 March … … 2,770,796 25,922 261,896 986,328
30 June … … 2,907,118 2,819 265,300 999,786
30 Sept. … … 3,044,500 3,163 320,515 1,022,315
31 Dec. … … 3,055,614 17,076 369,107 1,282,832
1944
31 March … … 3,096,732 15,132 379,982 1,406,412
30 June … … 3,365,226 9,088 442,302 1,408,456

Sir W. Smithers

asked the Chancellor of the Exchequer whether he will state, for each of the past four years to 30th June and in the aggregate for that period, the amount of Treasury deposit receipts which have been cashed before maturity, the approximate total of each form of Government loan to which the proceeds of such encashments have been applied and the basis of calculation for arriving at the individual totals?

Sir J. Anderson

The table below shows the subscriptions to War Loans covered by repayments of Treasury Deposit

TREASURY DEPOSIT RECEIPTS £ millions.
Year to Loans into which proceeds of encashments have been applied Total encashed
3% Savings Bonds National War Bonds Tax Reserve Certificates Post Office Issues
30 June, 1941 … … 28 113 — — 141
30 June, 1942 … … 77 200 136 10 423
30 June, 1943 … … 110 210 177 10 507
30 June, 1944 … … 105 248 281 14 648
320 771 594 34 1,719

Sir W. Smithers

asked the Chancellor of the Exchequer whether he will state for Ways and Means advances by the Bank of England and by public Departments, separately, on the last day of each quarter since the beginning of 1943 the then current rates of interest and the

Sir J. Anderson

I append a statement in continuation of the figures given by my predecessor to my hon. Friend on 20th July, 1943.

Receipts before maturity. The allocation of the amounts repaid between the different classes of loans is approximate. The subscriptions cover those on the banks' own account and also those on behalf of their customers. The particulars given have been supplied by the banks.

In addition to the repayments summarised below, Treasury Deposit Receipts amounting to £2,000,000 were repaid before maturity and under discount in the year ended 30th June, 1942, to cover emergency needs.

Amount of such advances by government Department as are free of interest.

Sir J. Anderson

I append a statement in continuation of the figures given by my predecessor to my hon. Friend on 20th July, 1943.

WAYS AND MEANS ADVANCES (£000).
Last day of quarter. Bank of England. Govt. Depts. Interest Bearing. Govt. Depts. free of interest.
Amount. Rate %. Amount. Rate %. Amount.
1943
March … … 6,500 ½—1 160,715 15/16 and 1 121,780
June … … 55,000 do. 157,925 15/16 and 1 86,510
Sept. … … — — 127,585 15/16 and 1 131,920
Dec. … … 65,250 ½—1 205,970 15/16 and 1 160,990
1944
March … … — — 211,235 15/16 and 1 183,240
June … … 29,500 ½—1 259,295 15/16 and 1 178,480

Sir W. Smithers

asked the Chancellor of the Exchequer whether he will state for tender Treasury Bills the average daily rate of discount during each quarter since the beginning of 1939.

Sir J. Anderson

The rates are as follows:

Average rate of discount on Tender bills during quarter
Quarter ended £ s. d.
1939
March … … 11 0
June … … 19 2
September … … 1 18 4
December … … 1 9 1
1940
March … … 1 1 4
June … … 1 0 7
September … … 1 0 7
December … … 1 0 4
1941
March … … 1 0 0
June … … 1 0 2
September … … 1 0 2
December … … 1 0 0
1942
March … … 19 10
June … … 1 0 2
September … … 1 0 2
December … … 1 0 I
1943
March … … 19 10
June … … 1 0 2
September … … 1 0 2
December … … 1 0 2
1944
March … … 1 0 0
June … … 1 0 2

Sir W. Smithers

asked the Chancellor of the Exchequer how much of the annual interest charge for the year to 31st March, 1944, represented payments in respect of Treasury Bills, Ways and Means advances, Treasury deposits by banks, National Savings Certificates and Tax Reserve Certificates, respectively?

Sir J. Anderson

I append a statement in continuation of the figures given by my predecessor to my hon. Friend on 22nd June, 1943:

Interest paid in 1943–44
£000
Treasury Bills 27,733
Ways and Means Advances 1,818
Treasury Deposit by Banks 12,121
National Savings Certificates 7,900
Tax Reserve Certificates 3,289