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Government Securities (Conversions)

Volume 155: debated on Tuesday 20 June 1922

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asked the Chancellor of the Exchequer what changes have been effected since 31st March, 1922, up to 1st June, 1922, in the composition of the National Debt as the result of the various conversion options which have been available?

The following statement contains the information desired. The figures should be regarded as subject to some small corrections, but for practical purposes complete:

EXCHEQUER BONDS, NATIONAL WAR BONDS AND TREASURY BONDS CONVERTED SINCE 31ST MARCH, 1922, INTO 3½ PER CENT. CONVERSION LOAN, 4½ PER CENT. TREASURY BONDS OR 5 PER CENT. AND 4 PER CENT. WAR LOAN.
Bonds Converted.Stock or Bonds issued in Exchange.
Description.Nominal Amount.Annual Interest thereon.3½% Conversion Loan.4½% Treasury Bonds.5% Treasury Bonds.4% War Loan.Annual Interest thereon.
£££££££
5% Exchequer Bonds—
April, 192214,464,248723,21219,671,378688,498
5% National War Bonds—
October, 192289,855,2755,495,35794,376,0283,303,161
April, 192317,996,697
September, 19231,807,248
October, 19245,1658,825,975397,169
April, 19254,610
September, 19251,100
October, 1927114,54332,264,4761,613,224
April, 192845,595
September, 192876,910
4% National War Bonds—
October, 1927139,40023,798
April, 1928278,100594,95823,798
September, 1928177,458
5½% Treasury Bonds, 1929 (Series A and B)69,501,5363,822,584101,472,2403,551,528
215,519,6468,825,97532,264,476594,958
194,467,884
10,064,951257,205,0559 577,378

The total conversions effected under the various options were as follows:

Exchequer Bonds converted under offer of 18th February, 1922: £14,464,248 into £19,671,378 Conversion Loan.

National War Bonds converted under offer of 21st April, 1922: £70,429,871 into £94,376,028 Conversion Loan; £8,825,975 into £8,825,975 4½ per cent. Treasury Bonds.

National War Bonds converted into 5 per cent. and 4 per cent. War Loans under original option: £30,651,297 5 per cent. Bonds into £32,264,476 5 per cent. War Loan; £594,958 4 per cent. Bonds into £594,958 4 per cent. War Loan.

per cent. Treasury Bonds, 1929 ( A and B) converted under original option: £69,501,535 into £101,472,240 Conversion Loan.

The Debt maturing in 1922–23 converted amounts to £104,319,523. The nominal

amount of Debt has been increased by £62,737,171. The charge for interest has been reduced by £487,573 per annum. The cash payment (£4 per cent.) involved by the conversion into 4 per cent. Treasury Bonds was £353,039.