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Financial Year ending

31 Mar. 1922 (continued).

9 & 10 Geo.V. c. 37.

7 & 8 Geo. V. c. 31.

9 & 10 Geo.V. c. 37.

National War Bonds (164,067,3221.) to 31 per

£
cent. Conversion Loan

266,085,713
5 per cent. Exchequer Bonds, 1921, to 54 per
cent. Treasury Bonds at par

52,940,785
Other Debt (10,583,733). $41,924,700 U.S.A.

3-year Notes and $9,582,800 10-year Bonds)
to National War Bonds ..

11,980,644
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 31,250,0001. 5 per cent. War Loan and
1,099,8631. 2s. 6d. was similarly applied to the extinction of

1,105,0001. 4 per cent. War Loan.
1,868,5001. 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 2,984,5001. 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 691,1101. 19s. 6d. as follows :-

£

d 5 per cent. War Stock and Bonds, 1929–47 342,142 8 6 4 per cent. War Stock and Bonds, 1929-42 46,547 9 National War Bonds

302,421 20

9 & 10 Geo.V. c.37.

1923

7 & 8 Geo.V. c.31.

S.

691,110 19 6

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Exchequer Bonds and National War Bonds matured for pay-
ment in the year as under :-

Nominal Amount.
£

d.
5 per cent. Exchequer Bonds, 1922 (repaid at 20,599,828 5 0
par) (of this, 1,000,0001. was paid off by
the National Debt Commissioners out of
the balance of the New Sinking Fund,
1921–22.]
54 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.)

Conversions effected during the year were as
follows :
National War Bonds (139,660,4771.) to 5 per

cent. War Loan, 1929-47
National War Bonds to 4 per cent. War Loan,

1929-42 at par
National War Bonds (70,509,0291.) to 37 per

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cent. Conversion Loan

646,258

94,482,098

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9 & 10 Geo. V c. 87.

7 & 8 Geo. V c. 31.

9 & 10 Geo. V c. 37.

Holders of 54 per cent. Exchequer Bonds, 1925, exercised their

option of obtaining earlier repayment on 1 February, 1924,

to the extent of 24,9001.
Under Section 3 of the War Loan Act 1919, 11,8031. 10s.

4 per cent. Funding Loan, 1960–90, and 8,307,0601. 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 1,571,7061.6s. 7d. and 28,591,5151.
respectively, constituted an asset proper to be set off against

the Gross Capital Liabilities of the State.
1,198,0751. 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
9,813,0081. 12. 8d. in hand at 31 March, 1922, and
186,1911. 15s. 10d. received fur interest a total available of
11,197,2751. 11s. 7d. Of this sum 1,127,0761. 5s. was applied
in the purchase and cancellation of 1,128,0001. 4 per cent.

War Loan, leaving 10,070,1991.65.7d. in hand at 31 March, 1923.
1,983,1751.4s. 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
972,1371. 12s. 3d. unapplied at 31 March, 1922, and
12,0001, 19s. 9d. received as interest a total sum of
2,967,3131. 16s. 6d. Of this sum 1,945,0001. 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

1,011,0371. 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, 2,246,7007. 6s. 3d. was
applied during the year to the cancellation of 2,575,0001. 4 per
cent. Funding Stock, leaving a balance of 231,6771. 7s. 7d.

unapplied at 31 March, 1923.
7,444,9201. 4s. 3d. was issued to the National Debt Commis-

sioners under Section 45 of the Finance Act, 1921, in respect
of the Sinking Fund for the redemption of the 31 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.

9 & 10 Geo. V c. 37.

11 & 12 Geo. V c. 32.

Financial
Year ending

31 Mar. 1923

(continued),

4 Edw.VII. c. 21.

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.
3,087,6001. 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 1,534,3001. 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 :-

31 March, 1922. 31 March, 1923.
£

£
(1) External Debt

1,088,669,915 1,155,653,503 (2) Internal Debt, Floating .. 1,020,915,500 809,907,500 (3) Internal Debt, other than

5,566,709,694 5,806,835,505 (4) Other Capital Liabilities:

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 I on

page 8.]
(1) External Debt was increased by :-
Capitalisation of U.S.A.

£

£
Interest

107,914,036
Exchange Adjustment with
Canada ..

1,683,151
Cash Adjustment with
Canada

23,351

109,620,538
and decreased by :--
Repayments to U.S.A.
Government

6,267,123
Repayments to Canadian
Government

12,740,166
Repayment of $ Notes in
U.S.A.

661,767
Repayment of Mauritius
Loan

538,086
Repayment of Bankers Loan
(Canada) (Collateral)

600,000
Repayment of Japanese
Treasury Bills

3,000,000
$ Notes converted into
National War Bonds

18,829,808

42,636,950

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Making a net increase of

£66,983,588
(2) Internal Floating Debt was decreased by 211,008,0001. viz.-

£
Treasury Bills decrease 257,604,000
Less Ways and Means Ad-
vances increase ..

46,596,000

Financial Year ending

31 Mar, 1923

(continued).

(3) Internal Debt, other than Floating, was increased by

240,125,8111, as shown below :

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Increases.
Conversions.
31 per cent. Conversion
Loan, in exchange for

other internal debt
5 per cent. and 4 per cent.
War Loan in exchange

for other internal debt
44 per cent.Treasury Bonds

in exchange for other

internal debt
5 per cent. National War

Bonds in exchange for
Dollar Bonds

147,657,165

14,233,521

21,315,092

610,577,543

158,525,850

Issues for Cash.

Treasury Bonds
National Savings Certifi-

cates (net)
Exchequer and National

War Bonds

11,876,185

130

170,402,165

780,979,708

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453,660,689

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65,060,573

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2,510,101 · 1,300,361

2,575,000 1,945,000 9,834,631 1,128,000

778,161 1,172,245

198,026 691,110

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Financial Year ending

31 Mar. 1923

(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, 1923, as follows (excluding floating debt, debt not due in any particular year, and debt provided for by special sinking funds :) -

1923-4

1924-5 Internal Debt.

£

£ National War Bonds

112,557,631 22,218,794 54 per cent. Exchequer Bonds .. 24,900 134,616,703

112,582,531

156,835,497

Exiernal Debt.
U.S.A. Government Loan for

Pitman Silver ..

6,267,123

6,267,123

Total

118,849,654

163,102,620

!

Printed by H.M. STATIONERY OFFICE PRESS, Harrow.

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