31,771,0017. 11s. 3d. was applied by the National Debt
Commissioners on account of the Depreciation Fund in the
purchase and cancellation of 37,495,000l. 5 per cent Stock.
1,796,900l. was applied as at 1 September, 1920, to the
repayment of an equal nominal amount of 4 per cent. Victory
Bonds drawn for redemption at that date and 28,5461. 7s. 4d.,
part of the interest earned by temporary investment, to the
cancellation of 25,000l. Treasury Bills and 4,3751. 12s. 11d.
5 per cent. War Stock, 1929-47.
1,895,050. was applied by the National Debt Commissioners
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 in cancellation of 2,765,000 Stock.
9,094,2451. 2s. 7d. New Sinking Fund was issued to the National
Debt Commissioners and (with the exception of 1,000,000.
set aside for the redemption on 1 April, 1922, of an equal
nominal amount of 5 per cent. Exchequer Bonds, 1922) was
applied within the year to the cancellation of debt, viz. :—

s. d.

£ 8,000,000 0 0

95,197 2 0

5 per cent. Exchequer Bonds, 1922
5 per cent. War Stock
Cancellations in respect of Stock and Bonds surrendered for
Death Duties and Excess Profits Duty, &c., under the Finance
Act, 1917, aggregated 31,635,672l. 5s. 11d., as follows :—

5 per cent. War Stock and Bonds,
1929-47

4 per cent. War Stock and Bonds
1929-42

Exchequer Bonds

National War Bonds

£

s. d.

8,850,895 0 10

457,076 8 10

197,613 0 0

22,130,087 16 3

7 & 8 Geo. V. c. 31.

9 & 10 Geo. V. c. 37.

9 &10 Geo. V. c. 37.

7 & 8 Geo. V. c. 31.

£31,635,672 5 11

Exchequer Bonds which matured for payment in the year

amounted to 50,781,1327. 14s. 4d., viz. :—

18,962,820 0 0
31,818,312 14 4

5 per cent. Exchequer Bonds, 1921
5 per cent. Exchequer Bonds, 1922
Temporary Advances were reduced in the year by 7,187,5001.
Other Debt under the War Loan Acts, 1914-1919, was paid
off in the year to the amount of 35,764,3617. (less 1,500,000.
created as shown below).

On the other hand, the Debt was increased in various ways, viz. :

War Loan Acts, 1914-19.

6 & 7 Geo. V. c. 24. 707 & 8 Geo. V. c. 41.

.. 338,797,069

56,969,826

1,500,000

9 & 10 Geo.V. c. 37. 10 & 11 Geo. V. c.18. War Loan Acts, 1914-19.

Holders of 5 per cent. Exchequer Bonds, 1925, exercised their
option of claiming repayment on 1 February, 1923, to the
extent of 287,2931. 18s. 4d.

27,844,8391. 1s. 3d. was applied by the National Debt Commis-
sioners on account of the Depreciation Fund in the purchase
and cancellation of 31,250,000l. 5 per cent. War Loan and
1,099,8631. 2s. 6d. was similarly applied to the extinction of
1,105,000l. 4 per cent. War Loan.

1,868,500l. was applied by the National Debt Commissioners
under Section 2 of the War Loan Act, 1919, as at 1 September,
1921, to the repayment of an equal nominal amount of 4 per
cent. Victory Bonds drawn for redemption at that date and
25,6201. 9s. 6d. of the interest earned by temporary investment
to the cancellation of 25,0001. Treasury Bills and 7361. 3s. 5d.
War Stock, 1929-47.

2,216,4851. was applied by the National Debt Commissioners to
the cancellation of 2,984,500l. 4 per cent. Funding Stock
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.

The payment of the New Sinking Fund was suspended.
Cancellations in respect of Stock and Bonds surrendered for
Death Duties and Excess Profits Duty, &c., under the Finance
Act, 1917, aggregated 691,1107. 19s. 6d. as follows:-

5 per cent. War Stock and Bonds, 1929-47
4 per cent. War Stock and Bonds, 1929-42
National War Bonds

£

S. d.

342,142 8 6

46,547 9 0 302,421 2 0

9 & 10 Geo. V. c. 37.

7 & 8 Geo. V. c. 31.

9 & 10 Geo.V. c. 37.

9 & 10 Geo.V. c. 37.

7 & 8 Geo.V. c.31.

691,110 19 6

Exchequer Bonds and National War Bonds matured for pay-
ment in the year as under :—
Nominal Amount.
£
S. d.
20,599,828 5 0

5 per cent. Exchequer Bonds, 1922 (repaid at
par) [of this, 1,000,000l. was paid off by
the National Debt Commissioners out of
the balance of the New Sinking Fund,
1921-22.]

5 per cent. Exchequer Bonds 1923 (repaid
at par).

287,293 18 4

5 per cent. National War Bonds, 1922 (re- 43,838,073 2 5
paid at 102 per cent.)

Holders of 5 per cent. Exchequer Bonds, 1925, exercised their
option of obtaining earlier repayment on 1 February, 1924,
to the extent of 24,9007.

Under Section 3 of the War Loan Act 1919, 11,8031. 10s.
4 per cent. Funding Loan, 1960-90, and 8,307,0607.4 percent.
Victory Bonds surrendered in the year for Death Duties were
acquired by the National Debt Commissioners. The Balances
of such securities so acquired held by the Commissioners at the
close of the year amounting to 1,571,70€1.6s.7d. and 28,591,5157.
respectively, constituted an asset proper to be set off against
the Gross Capital Liabilities of the State.
1,198,075. 3s. 1d. was issued to the National Debt Commis-
sioners on account of the Depreciation Fund in connection
with the 5 per cent. War Loan 1929-47 and the 4 per cent.
War Loan 1929-42, established in compliance with Section 32
of the Finance Act 1917, making with the balance of
9,813,0087. 12s. 8d. in hand at 31 March, 1922, and
186,1917. 15s. 10d. received for interest a total available of
11,197,275/. 11s. 7d. Of this sum 1,127,0761. 5s. was applied
in the purchase and cancellation of 1,128,C007. 4 per cent.
War Loan, leaving 10,070, 1991.6s.7d. in hand at 31 March, 1923.
1,983,175l. 4s. 6d. was issued to the National Debt Commissioners
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, making with the balance of
972,137. 12s. 3d. unapplied at 31 March, 1922, and
12,0007, 19s. 9d. received as interest a total sum of
2,967,3137. 16s. 6d. Of this sum 1,945,000l. was applied as at
1 September, 1922, to the repayment of an equal nominal
amount of 4 per cent. Victory Bonds drawn for redemption
on that date, and 11,276 4s. 3d. part of the interest earned
by temporary investment, to the cancellation of 11,2621. 2s. 8d.
5 per cent. War Stock, 1929-47, leaving a balance of
1,011,037. 12s. 3d. unapplied at 31 March, 1923.
2,313,2021. Os. 3d. was issued to the National Debt Commis-
sioners 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, making, with the balance of
165,1751. 13s. 7d. unapplied at 31 March, 1922, a total sum of
2,478,3771. 13s. 10d. Of this amount, 2,246,7001. 6s. 3d. was
applied during the year to the cancellation of 2,575,0091. 4 per
cent. Funding Stock, leaving a balance of 231,6771. 7s. 7d.
unapplied at 31 March, 1923.

9 & 10 Geo. V c. 87.

7 & 8 Geo. V c. 31.

9 & 10 Geo. V c. 37.

9 & 10 Geo. V c. 37.

7,444,920. 4s. 3d. was issued to the National Debt Commis- 11 & 12 Geo. V c. 32.
sioners under Section 45 of the Finance Act, 1921, in respect
of the Sinking Fund for the redemption of the 3 per cent.
Conversion Loan and was wholly applied within the year to
the purchase and cancellation of 9,834,6301. 19s. 8d. 34 per
cent. Conversion Stock.

Financial Year ending

31 Mar. 1923 (continued),

The Savings Banks Annuities created by the Finance Act, 1899,
(62-63 Vict. c. 9) in lieu of 15,000,0001. Stock cancelled,
which were due to expire in 1924-25, were extinguished in
the year by a special issue of 840,4601. 3s. 9d. (in addition to
the instalments of the Annuity due in the year) out of the
Exchequer Balances.

3,087,6007. Exchequer Bonds issued in 1917 under the Capital
Expenditure (Money) Act, 1904, were paid off on 14 October,
1922. 1,553,3001. were paid off out of the proceeds of new
Exchequer Bonds to a similar amount issued for four years
and 1,534,300l. 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.

The Aggregate National Debt as at the 31 March, 1922, and the
31 March, 1923, consisted of the following :—

(1) External Debt

(2) Internal Debt, Floating..
(3) Internal Debt, other than
Floating

(4) Other Capital Liabilities..

31 March, 1922. 31 March, 1923

£

1,088,669,915 1,155,653,503
1,020,915,500 809,907,500

5,566,709,694 5,806,835,505

66,231,038 70,329,238 £7,742,526,147 7,842,725,746

[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.]

(1) External Debt was increased by :

Capitalisation of U.S.A.

Interest

Exchange Adjustment with
Canada ..

Cash Adjustment with

Canada

and decreased by :

£

£

107,914,036

1,683,151

23,351

109,620,538

4 Edw.VII. c. 21.

(2) Internal Floating Debt was decreased by 211,008,0007. viz.—

Financial Year ending

31 Mar. 1923 (continued).

(3) Internal Debt, other than Floating, was increased by 240,125,8111. as shown below: