SINKING FUNDS, &c. STATEMENTS showing the Application, in the Year ended 31st March, 1928, of the sums issued to the Commissioners for the REDUCTION of the NATIONAL DEBT on account of the following SINKING FUNDS, &c. I. VICTORY BONDS SINKING FUND. STATEMENT showing the application in 1927-28 of the amount issued from the Consolidated Fund under Section 2 of the War Loan Act, 1919 (9 & 10 Geo. V. c. 37). N.B. The sums issued half-yearly from the Consolidated Fund to this Account are applicable to the paying-off at 1st September of each year of 4 per cent. Victory Bonds drawn for repayment at that date. II.-FUNDING LOAN SINKING FUND. STATEMENT showing the application in 1927-28 of the amount issued from the Consolidated Fund under Section 2 of the War Loan Act 1919 (9 & 10 Geo. V. c. 37). III.-3 PER CENT. CONVERSION LOAN SINKING FUND. STATEMENT showing the application in 1927-28 of the amount issued from the Consolidated Fund under Section 45 of the Finance Act, 1921 (11 & 12 Geo. V. c. 32). IV. 4 PER CENT. CONSOLIDATED LOAN SINKING FUND, STATEMENT showing the application in 1927-28 of the amount issued from the Consolidated Fund under Section 32 of the Finance Act, 1923 (13 & 14 Geo. V. c. 14). V.-OTHER SINKING FUNDS. ISSUES FROM THE CONSOLIDATED FUND: NEW SINKING FUND (1923) (balance)-⭑ Amount issued under the Finance Acts, 1923 and 1927 (13 & 14 Geo. V., c. 14, s. 32, 17 & 18 Geo. V., c. 10, s. 48), for the year to 31st March, 1928 (as on page 40). SINKING FUND ANNUITY, per 47 & 48 Vict. c. 23. s. 3, National Debt (Conversion of Stock) Act, 1884," created to extinguish the increase in the nominal capital amount of the National Debt, due to conversion of 3 per Cent Stock into 21 per Cent, and 24 per Cent. Stock, for the Year to 31st March, 1928 .. TOTAL £ 8. d. 15,451,883 15 9 £ APPLICATION OF THE ABOVE: Amount and Nature of Capital Debt purchased and cancelled. 5 per cent. War Loan, 1929-47 5 per cent. National War Bonds, 1927 (Series I) .: 5 per cent. War Loan, 1929-47 (Bought with Sinking Fund Annuity).. VI-DEPRECIATION FUND. STATEMENT showing the application in 1927-28 of the amount issued from the Consolidated Fund under Section 32 of the Finance Act, 1917 (7 & 8 Geo. V. c. 31). N.B. The amount of Stock previously bought out of the Fund (to 31st March, 1927) was 156,751,000l. 5 per cent. stock, and 14,166,9001. 4 per cent. stock. The Fund is applicable to the purchase for cancellation of 5 per cent. War Loan, 1929-47, at a price below 95, and of 4 per cent. War Loan, 1929-42, at a price below par. Further issues from the Consolidated Fund cease for the time being when the unapplied balance of the Fund in the hands of the National Debt Commissioners reaches 10,000,000l. VII. 4 PER CENT. FUNDING LOAN AND 4 PER CENT. VICTORY BONDS TRANSFERRED FOR DEATH DUTIES. STATEMENT of Receipts and Payments in 1927-28 by the National Debt Commissioners under Section 3 of the War Loan Act, 1919 (9 & 10 Geo. V. c. 37). • See page 40 for complete statement of Issues for New Sinking Fund (1923). CAPITAL ACCOUNT. DETAILED STATEMENT of the CAPITAL ACCOUNT of the NATIONAL DEBT on the 31st March, 1928. ESTIMATED CAPITAL LIABILITY IN RESPECT OF TERMINABLE} £ 12,551,086 TOTAL ESTIMATED CAPITAL LIABILITY in respect of TERMINABLE DETAILS OF THE DEBTS TO THE BANKS OF ENGLAND AND IRELAND. This Annuity does not represent an additional liability because it is applicable to the purchase and cancellation of Stock like the New Sinking Fund. Created under the War Loan Acts, 1914 to 1919 (4 & 5 Geo. V. c. 60, 5 & 6 Geo. V. c. 55, 6 & 7 Geo. V. cc. 24, 36 & 67, 7 & 8 Geo. V. c. 41, 8 & 9 Geo. V. c. 25 and 9 & 10 Geo. V. c. 37), and the Finance Acts, 1916 (6 & 7 Geo. V. c. 24), 1920 (10 & 11 Geo. V. c. 18) and 1921 (11 & 12 Geo. V. c. 32): 161,850,000 12,804,341 9 2 2,172,273,230 8 8 Bank of England 80,010,168 10 2 80,334,321 67 Bank of England 381,743,328 9 10 3,139,425 15 9 |