§ 51. Sir J. Mellorasked the Chancellor of the Exchequer what amount of Defence Bonds were purchased during the last six months for re-investment at maturity of previous issues.
§ Sir S. CrippsThe savings figures record Defence Bonds purchased for cash, and it is obviously impossible to ascertain the sources from which the purchasers derive the subscription money. It may be assumed that the amount of Defence Bond purchases financed out of the repayment of maturing Bonds is small, since holders wishing to retain their investment in Defence Bonds will reinvest in the 2½ per cent. conversion issue. These reinvestments are not included in the purchases of Defence Bonds published as new savings by the National Savings Committee. I am circulating a table of figures in the OFFICIAL REPORT, which shows that out of the £88.1 million Bonds that matured 79W in the six months between 1st November, 1947, and 30th April, 1948, £25.7 million,
3 PER CENT. DEFENCE BONDS, FIRST ISSUE. Period. *Total Maturities of 3 per cent. Bonds in period. 3 per cent. Bonds converted into 2½ per cent. issue. Percentage of conversions to total maturities. Per cent. 22nd November, 1946 to 30th April,1947 £62,586,556 £28,830,760 46.1 1st May, 1947 to 31st October, 1947 … £89,125,030 £40,458,455 45.4 1st November, 1947 to 30th April, 1948 … £88,134,320 £25,741,340 29.2 1st May, 1948 to 30th August, 1948 … £53,299,430 £16,265,340 30.5 (Provisional) (Provisional) (Provisional) Note.—The figures of total maturities exclude Bonds cashed before maturity.