At the present time the amount outstanding of the debt of the Unemployment Fund is about £104,740,000, on which the current rate of interest averages about 3⅓ per cent. As from October, 1938, the rate will be 3⅓ per cent. At the 7th November, 1936, the balance of the fund was about £36,800,000; this balance is invested in short term securities on which the rate of interest averages about 1⅓ per cent.
No, Sir. The hon. Member must understand that the debt was incurred over varying periods of years, and that in the early period the rates of interest were higher than in the later part.