31 Mar. 1924 The provisions of the Sinking Fund Act 1875, and of subsequent
Acts amending that Act, with respect to the permanent annual
charge for the National Debt and the New Sinking Fund were
repealed by Section 32 of the Finance Act 1923, which
provided that, in lieu thereof, an annual sum, to be called the
"New Sinking Fund (1923)," should be issued from the
Consolidated Fund for application, within nine months of the
date of issue, in the purchasing, redeeming, or paying-off of any
description of Debt charged on that Fund other than Deficiency
or Ways and Means advances. The Act fixed the amount of
such annual sum at 40,000,0001. for 1923-24, 45,000,000/. for
1924-25, and 50,000,000l. for 1925-26 and for each succeeding
financial year unless and until Parliament otherwise deter-
mines. Such part of the new Sinking Fund (1923) as is not
required for meeting charges in connection with the redemption
of loans repayable outside the United Kingdom is required by
the Act to be issued to the National Debt Commissioners.
The sum of 40,000,000l. was duly issued from the Consolidated
Fund during the year on account of the New Sinking Fund
(1923) as under :-
For Redemption of External Delt.
(a) U.S.A. Government Loans
For Redemption of Internal Debt.
(b) Capital of Terminable Annuities
Sinking Fund for Funding Loan
Sinking Fund for Victory Bonds
1,794,855 50
2,416,385 3 1
2,062,525 46
13,586,704 16 9
The extent to which the sums issued under the respective
headings (a) to (h) were actually applied within the year to
the purchasing, redeeming or paying-off of Debt, is indicated
in the succeeding notes.
(a) The Sum of 11,459,538l. 15s. 8d. was wholly applied during
the year to payments on account of the principal of U.S.A.
Government Loans, viz :-
Under the Funding Agreement .. £4,894,116 7 3
Under the Pitman Silver Agree-
(b) The Sum of 1,794,8551. 5s. Od. was applied during the year-
as to 1,073,450l. to the extinction of an equal nominal
amount of the capital liability of the State in respect of
Annuities for Life and Terms of Years; as to 705,8581. to
reduction of the capital outstanding in the Book Debt
Annuities; and as to the balance of 15,5471, 5s. Od. (which
was issued in respect of the Sinking Fund Annuity created
in 1884) to the purchase and cancellation of 15,489/. 3s. 4d.
5 per cent. War Stock 1929-47.
10 Geo. IV. c. 24, 3 Wm. IV. c. 14; 16 & 17 Vic. c. 45, etc.
62-3 Vict. c. 9.
47-8 Vict. c. 23, s.3.
31 Mar. 1924 (c) The Sum of 2,416,3851. 3s. 1d. issued to the National Debt 9 & 10 Geo. V. c. 37. (continued.)
Commissioners in the year under Section 2 of the War Loan
Act, 1919, in respect of the Sinking Fund for the redemption
of the 4 per cent. Funding Loan 1960-90 made, with the
balance of 231,6771. 7s. 7d. unapplied at 31 March, 1923, a
total sum available of 2,648,0627. 10s. 8d. Of this sum
2,410,830. 4s. 8d. was applied during the year to the
cancellation of 2,678,7241. 11s. 10d. 4 per cent. Funding
Stock, a balance of 237,2321. 6s. Od. remaining unapplied
at 31 March, 1924.
(d) The sum of 2,062,5251. 4s. 6d. issued to the National Debt 9 & 10 Geo. V. c. 37.
Commissioners in the year under Section 2 of the War Loan
Act 1919, in respect of two half-yearly instalments of the
Sinking Fund for the redemption of 4 per cent. Victory
Bonds made, with the balance of 1,011,0371. 12s. 3d. un-
applied at 31 March, 1923, and 9,4521. 5s. 10d. received as
interest, a total sum available of 3,083,015l. 2s. 7d. Of
this sum 2,022,5001. was applied as at 1st September, 1923,
to the repayment of an equal nominal amount of 4 per
cent. Victory Bonds drawn for redemption on that date,
and 9,0271. 10s. 4d., part of the interest earned by
temporary investment, to the cancellation of 8,8391. 13s. 6d.
5 per cent. War Stock 1929-47, a balance of 1,051,487.
12s. 3d. remaining unapplied on 31 March, 1924.
(e) The sum of 13,586,704/. 16s. 9d. issued to the National Debt
Commissioners in the year under Section 45 of the Finance
Act 1921, in respect of the Sinking Fund for the redemption
of the 3 per cent. Conversion Loan, was wholly applied
within the year to the purchase and cancellation of
17,387,6147. 1s. 4d. 31 per cent. Conversion Stock.
(ƒ) 9,601,7857. 4 per cent. Victory Bonds surrendered in the year
for Death Duties were acquired by the National Debt
Commissioners, a sum of 7,275,000l. having been issued
during the year from the Consolidated Fund under Section
3 of the War Loan Act, 1919, to provide that part of the
payments falling to be made to the Commissioners of
Inland Revenue in respect of the securities acquired which
could not be met out of the receipts on account of interest
and repayment of principal in respect of 4 per cent.
Funding Loan and 4 per cent. Victory Bonds so surrendered
and held by the National Debt Commissioners.
balances of such securities so acquired held by the Commis-
sioners at the close of the year, amounting to 1,561,3061.
6s. 7d. 4 per cent. Funding Loan and 38,015,095. 4 per
cent. Victory Bonds, constituted an asset proper to be set
off against the gross capital liabilities of the State.
(g) The sum of 21,155. 9s. 11d. was issued in the year for
payment to the Commissioners of Inland Revenue in 7 & 8 Geo. V. c. 31.
respect of 1681. 2s. Od. 5 per cent. War Loan 1929-47, and
20,9117. 13s. 1d. National War Bonds surrendered for
Death Duties under the provisions of the Finance Act
1917, and cancelled.
(h) The balance of 1,383,8351. 5s. 1d. was issued to the National
Debt Commissioners and applied by them in the year to the
purchase and cancellation of 378,7911. 12s. 9d. 5 per cent.
War Loan 1929-47, and the repayment upon maturity (at
102 per cent.) of 980,3921. 3s. Id. 5 per cent. National War
Bonds, 1924 (series IV).
31 Mar. 1924 (continued.)
Exchequer Bonds and National War Bonds matured for payment
in the year as under :—
The Aggregate National Debt as at the 31 March, 1923, and the
31 March, 1924, consisted of the following :~
31 March, 1923. 31 March, 1924.
[Against these totals can be set Funding Loan and Victory Bonds
surrendered for Death Duties and held by the National Debt
Commissioners, but not yet cancelled, as shown in Note on
page 8.]
31 Mar. 1924 (2) Internal Floating Debt was decreased by 35,432,000l. viz.(continued).
Treasury Bills
Ways and Means Advances
(3) Internal Debt, other than Floating, was decreased by 26,500,9911. as shown below :—
31 Mar. 1924 (continued).
(4) The changes in other Capital Liabilities are shown in detail on pages 10 and 11.
The Deadweight Debt due to mature in the next two years was, on 31 March, 1924, as follows (excluding floating debt, debt not due in any particular year, and debt provided for by special sinking funds :)—
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