asked the Chancellor of the Exchequer what changes have been effected since 31st March, 1922, up to 1st November, 1922, in the composition of the National Debt as the result of the various conversion options which have been available?
The following statement shows, as on 1st October, 1922, the approximate amounts of Exchequer Bonds, 5½ per cent. Treasury Bonds and National War Bonds, converted since 31st March, 1922, into 3½ per cent. Conversion Loan, 4½ per cent. Treasury Bonds or 5 per cent, or 4 per cent. War Loan: —
| Bonds converted. | Stock or Bonds issued in exchange. | ||||||
| Stock. | Nominal Amount. | Annual Interest thereon. | 3½% Conversion Loan. | 4½% Treasury Bonds. | 5% War Loan. | 4% War Loan. | Annual Interest thereon. |
| £ | £ | £ | £ | £ | £ | £ | |
| 5% Exchequer Bonds, 1922 (April) | 14,476,628 | 723,831 | 19,688,214 | 689,087 | |||
| 5½% Treasury Bonds, 1929 | 214,457,456 | 11,795,160 | 313,107,885 | 10,958,776 | |||
| 5% National War Bonds, October, 1922 | 90,017,832 | 9,919,734 | |||||
| 5% National War Bonds, April, 1923 | 100,812,264 | ||||||
| 5% National War Bonds, September, 1923 | 6,749,219 | 94,482,098 | 3,306,873 | ||||
| 5% National War Bonds, October, 1924 | 19,060 | ||||||
| 5% National War Bonds, April, 1925 | 24,590 | 14,233,521 | 640,508 | ||||
| 5% National War Bonds, September, 1925 | 1,325 | ||||||
| 5% National War Bonds, October, 1927 | 444,969 | 120,040,892 | 6,002,045 | ||||
| 5% National War Bonds, April, 1928 | 216,796 | ||||||
| 5% National War Bonds, September, 1928 | 108,622 | ||||||
| 4% National War Bonds, October, 1927 | 175,950 | 25,666 | 641,658 | 25,666 | |||
| 4% National War Bonds, April, 1928 | 288,250 | ||||||
| 4% National War Bonds, September, 1928 | 177,458 | ||||||
| 427,970,419 | 22,464,391 | 427,278,197 | 14,233,521 | 120,040,892 | 641,658 | 21,622,955 | |
| £562,194,268 | |||||||
| £ | ||||
| Nominal increase in Debt | … | … | … | 134,223,849 |
| Decrease in Interest Payment | … | … | … | 841,436 |
| Decrease in eventual liability for premiums on National War Bonds | … | … | … | 3,991,454 |
NOTE—In addition to the above, External Debt was converted into Internal during the six months as follows:—
| 5½% $ Three Year Notes and Ten Year Bonds. | National War Bonds. | |
| $58,331,300 | into | £13,567,850 |
This involved a decreased cost in Interest of about £51,000.
The total conversions effected since 31st March, 1922, under the various options have been as follows:—
Exchequer Bonds converted under offer of 18th February, 1922–£14,476,628 into £19,688,214 Conversion Loan.
National War Bonds converted under offer of 21st April, 1922–£70,509,029 into £94,482,098 Conversion Loan; £8,993,521 into £8,993,521 4½ per cent. Treasury Bonds.
National War Bonds converted into 5 per cent. and 4 per cent. War Loans under original options—£114,038,896 5 per cent. Bonds into £120,040,892 5 per cent. War Loan; £641,658 4 per cent. Bonds into £641,658 4 per cent. War Loan.
Further National War Bonds to the amount of £4,853,231 have also been exchanged for £5,240,000 4½ per cent. Treasury Bonds, as a special arrangement, without involving any cash payment.
5½ per cent. Treasury Bonds, 1929, converted under original option—
As on 1 st April—£69,634,160 into £101,665,873 Conversion Loan.
At on 1 st October—£144,823,296 into £211,442,012 Conversion Loan.
Total—£214,457,456 into £313,107,885 Conversion Loan.
Debt maturing this year has been converted to extent of £104,494,460, and that maturing next year to extent of £107,561,483.
The nominal amount of Debt has been increased by £134,223,849, but the annual charge for interest has been reduced by £841,436. The conversion of National War Bonds into 4½ per cent. Treasury Bonds involved a "cash payment" amounting to £359,741. An eventual liability of £3,991,454 for premiums on National War Bonds has been avoided by these conversions.
asked the Chancellor of the Exchequer the amount of reduction of the National Debt during the years 1918, 1919, 1920, 1921, and 1922; the amount of interest paid on the National Debt during the years referred to; and the estimated aggregate amount of the National Debt at the expiration of the present financial year?
The hon. Member will find the information he requires for each of the years ended 31st March, 1918 to 1922, as regards the capital of the Debt in the National Debt Return recently issued (House of Commons Paper 168 of 1922), and, as regards interest, in the annual Finance Accounts. I must ask him to wait until the Budget Statement for the estimate of the amount outstanding on 31st March, 1923.