Oral Answers to Questions — National Debt.

– in the House of Commons on 6th April 1925.

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Photo of Mr Fredric Wise Mr Fredric Wise , Ilford

91.

asked the Chancellor of the Exchequer the amount that the National Debt has been increased by since 1921, when conversions were started, owing to the 3½ per cent. conversions being issued at a discount?

Mr. GUINNESS:

The nominal increase of debt clue to conversion operations into, and the issue by tender of, 3½ per cent. Conversion Loan at a discount, amounts to £243,240,000.

Photo of Mr Frederick Pethick-Lawrence Mr Frederick Pethick-Lawrence , Leicester West

When the right hon. Gentleman speaks of a nominal increase, is it not in fact a pro tanto reduction of the Sinking Fund?

Mr. GUINNESS:

No, I do not think so.