§ Colonel ENGLAND
asked the Chancellor of the Exchequer what was the reduction in total quantity issued of £l and 10s. notes between 1919 and the reintroduction of the gold standard; what further reduction in £l and 10s. notes took place after the introduction of the gold standard up to the time the note issue was taken over by the Bank of England; and whether any further reduction has taken place since the note issue was handed over to the Bank of England?2221W
§ Mr. PETHICK-LAWRENCE
The circulation of £l and 10s. Currency notes was as follows on the dates mentioned:
Millions. 2nd April, 1919 … 298.3 22nd April, 1925 … 269.6 21st November, 1928 … 266.6
These figures do not include Currency note certificates of large denominations; the latter amounted on the dates mentioned to £33.8 millions, £20.8 millions, and £18.9 millions, respectively. Since 21st November, 1928, the note circulation has consisted of Bank of England notes of 10s., £l, £5 and higher values and separate statistics are not available of the different denominations. The total circulation of Currency notes and certificates and of Bank of England notes of all denominations (excluding notes in reserve) was on 21st November, 1928, immediately before the amalgamation of the note issues, £362,100,000. The total circulation since that date is given in the weekly returns of the Bank of England, but it must be borne in mind that the figures are not properly comparable, owing to the establishment of a separate note issue by the Government of the Irish Free State.