Notwithstanding large issues in the early months of the year,
there was a net reduction of 110,722,000. in Treasury Bills
during 1916-17. This was due to-
(a) the suspension of their issue during the period of issue
of the 5 per cent. and 4 per cent. War Loan.
(b) the tender of 120,178,000l. Bills as subscriptions to
those loans.
and (c) the repayment under discount of 41,347,000l. Bills out
of the proceeds of the loans.
Further 4 per cent. War Loan to the amount of 26,1071. was
created by conversion of :—
Consols, 34,8791.
2 per cent. Annuities, 1,2621.
2 per cent. Annuities, 9987.
3 per cent. War Loan, 1,3011.
5 & 6 Geo. V. c. 55.
6 & 7 Geo. V. c. 67.
4 per cent. War Loan to the amount of 77,254,2111. 6s. 9d.
was surrendered in exchange for 77,062,4001. 5 per cent.
Exchequer Bonds and cancelled under Section 60 of the
Finance Act, 1916.
The 4,060,900. Exchequer Bonds issued in 1913 under the
Capital Expenditure (Money) Act, 1904, were paid off on
14th October, 1916. 3,087,6001. were paid off out of the
proceeds of new Exchequer Bonds to a similar amount
issued for six years, and 973,300l. were finally redeemed
out of sums which are paid annually from Army and Navy
Votes to the National Debt Commissioners for investment
and accumulation pending their application to the redemption
of the Bonds.
In consequence of the European War the payment of the New
Sinking Fund was suspended and the Debt was increased in
various ways, viz. :-
3 per cent. Exchequer Bonds
5 per cent. Exchequer Bonds
6 per cent. Exchequer Bonds
War Savings Certificates (net)
Treasury Bills (net)
less Bills tendered under
discount as subscrip-
tions to National War
Bonds and paid off..
Other Debt under War Loan Acts, 1914
to 1917 ..
Treasury Bills for 13,732,0001. (as above) and War
Expenditure Certificates for 632,2001. were tendered
under discount as subscriptions to National War
Bonds and paid off.
The Depreciation Fund in connection with the 5 per cent. War
Loan, 1929-47, and the 4 per cent. War Loan, 1929-42, was
established in compliance with Section 32 of the Finance Act,
1917, as from 16th February, 1917, and 32,089,7807. 14s.
was applied by the National Debt Commissioners in the
purchase and cancellation of 33,955,000. 5 per cent. Stock
and 10,000. 4 per cent. Stock.
In consequence of the European War the payment of the New
Sinking Fund was suspended and the Debt was increased in
various ways, viz. :-
By the issue of National War Bonds, 2nd,
3rd and 4th series (part)
4 per cent. War Loan, 1925-45
(1,791,0307.)
Exchequer Bonds (2,987,0251.)
By issue of
Exchequer Bonds
War Savings Certificates (net) ::
Temporary Advances (net)
By other Debt under the War Loan Acts,
1914-18 ..
The outstanding War Expenditure Certificates issued
under the War Loan Act, 1916, were paid off
(22,928,8007).
Cancellations in respect of Stocks and Bonds surrendered for
Death Duties and Excess Profits Duty, &c., under the Finance
Act, 1917, aggregated 67,344,8591. as follows:-
7 & 8 Geo. V. c. 41.
8 & 9 Geo. V. c. 25.
Arrangements were made with the Canadian Government
whereby debt to the amount of 83,288,6861., due to the
Dominion Government for dollars advanced in Canada, was
cancelled by set-off against a corresponding sum due by that
Government for sterling advanced by the Imperial Govern-
ment. (See Cd. 9234.)
21,914,4987. 8s. 9d. was applied by the National Debt Com-
missioners on account of the Depreciation Fund in the
purchase and cancellation of 23,250,000l. Five per cent. Stock.
The payment of the New Sinking Fund was suspended and the
Debt was increased in various ways, viz. :—
By creation of 5 per cent. War Loan,
1929-47 on conversion of National War
Bonds (3,921,4487.)
By creation of 4 per cent. War Loan,
1929-42, on conversion of National War
Bonds at par
Cancellations in respect of Stock and Bonds surrendered for
Death Duties and Excess Profits Duty, &c., under the Finance
Act, 1917, aggregated 66,944,2501. 1s. 7d., as follows:--
5 per cent. War Stock & Bonds,
1929-47
4 per cent. War Stock & Bonds,
Exchequer Bonds
National War Bonds ..
21,719 0 0 2,356,932 00
60,052,773 1 6
(6 & 7 Geo. V. c.24; 18 & 9 Geo. V. c.15. War Loan Acts 1914 to 1919.
7 & 8 Geo. V. c. 31.
31 Mar. 1920 (continued).
Cancellations under the School Teachers' (Superannuation) Act,
1918, were effected as follows:-
2 per cent. Consols ..
5 per cent. War Loan, 1929-47
Exchequer Bonds
National War Bonds..
Treasury Bills
Exchequer Bonds matured for payment in the year as follows:
In addition, an arrangement was made with the Canadian Govern-
ment whereby debt to the amount of 82,601,9551. due to the
Dominion Government for dollars advanced in Canada, was
cancelled by set-off against debt due by that Government
to the Imperial Government (Cmd. 583, 616, and 651 of 1920).
Under Section 3 of the War Loan Act, 1919, 115,300l. 4 per cent.
Funding Loan 1960-90, and 2,849,9051. 4 per cent. Victory
Bonds surrendered in the year for Death Duties were acquired
by the National Debt Commissioners and were held by them at
the close of the year, the Stock and Bonds so held constituting
an asset proper to be set off against the Gross Capital Liabilities
of the State. The amounts for 1919-20 and subsequent years
are shown on page 8 (See Note 1).
28,336,7181. 15s. was applied by the National Debt Com-
missioners on account of the Depreciation Fund in the
purchase and cancellation of 30,801,000l. 5 per cent. Stock.
898,8411. 7s. 3d. issued to the National Debt Commissioners
under Section 2 of the War Loan Act, 1919, in respect of a
half-year's instalment of the sinking fund for the redemption
of 4 per cent. Victory Bonds to be drawn for repayment on
the 1st September, 1920, remained unapplied by them at
31st March, 1920.
7,340,4551. 8s. 11d. New Sinking Fund was issued to the National
Debt Commissioners and was wholly applied by them within
the year to the cancellation of debt, viz:-
31 Mar. 1921 (continued).
Cancellations in respect of Stock and Bonds surrendered for
Death Duties and Excess Profits Duty, &c., under the
Finance Act, 1917, aggregated 76,063,8447. 18s., as follows :—
5 per cent. War Stock & Bonds,
1929-47
4 per cent. War Stock & Bonds,
1929-42
Exchequer Bonds
National War Bonds..
Exchequer Bonds which matured for payment in the year
amounted to 28,212,6431., viz. :
5 per cent. Exchequer Bonds, 1920
6 per cent. Exchequer Bonds, 1920
Of these, 2,832,3831. were surrendered as cash for Treasury
Bonds, 1925–35.
Temporary Advances were reduced in the year by 50,398,0007.
Other Debt under the War Loan Acts, 1914-1919 was paid off
in the year to the amount of 77,355,7611. (less 40,438,9831.
created as shown below).
In addition, debt to the amount of 6,116,0247. due to the
Dominion Government for dollars advanced in Canada,
was set off against debt due by that Government to the
Imperial Government, and $28,968,400 debt in U.S.A. was
converted into National War Bonds as shown below.
American Loan under the American Loan Act, 1915, was
redeemed in the year to the amount of 51,367,0177.
On the other hand, the Debt was increased in various ways,
viz. :-
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Exchequer Bonds due on 1 December, 1920, were allowed
to be surrendered in November as equivalent of cash for
5-15-year Treasury Bonds. The Bonds so surrendered
(2,832,3821. 15s.) are included in this return as paid off
and not shown as conversions.
Holders of 5 per cent. Exchequer Bonds 1925, exercised their
option of claiming repayment on 1 February, 1922 to the
extent of 31,818,3127. 14s. 4d.
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