asked the Chancellor of the Exchequer what would be the annual saving of the interest charge on the National Debt if the present scrip holders could be persuaded to accept a funding scheme based on the same reduction of interest as has been accepted by the United States Government?

The average interest on our debt, excluding Floating Debt, is about 4½ per cent., and including Floating Debt would be less. This interest is practically all liable to Income Tax and Super-tax and, if allowance is made for this fact, does not compare unfavourably with the rate which we shall pay to America.