§ Mr. Woodburn
asked the Chancellor of the Exchequer the total amount of advances made to date in the form of Treasury deposit receipts and the amounts of such advances transferred to other forms of war loans, with the respective cost per £100 to the State for the respective borrowings?
§ Sir J. Anderson
The amount of Treasury deposit receipts outstanding on 11th December, 1943, was £1,372,000,000. Interest is paid on Treasury Deposit Receipts at the rate of 1⅛ per cent. The amounts of subscriptions to war loans covered by repayments of Treasury Deposit Receipts before maturity in the period 1st July, 1940 (the date on which Treasury Deposit Receipts were first issued to the banks), to 11th December, 1943, were:
Amount. Security. Rate of Interest. £ms. Per cent. 231 Savings Bonds 3 589 National War Bonds 2½ 409 Tax Reserve Certificates 1 free of tax 22 Post Office Issues of Defence Bonds, Savings Bonds and National War Bonds. 3 and 2½
In giving these figures, I would repeat the observations which I made when I gave a similar comparison on 14th October last in reply to my hon. Friend the Member for East Willesden (Mr. Hammersley); namely (1) it cannot be assumed that all these moneys, if held to maturity, would then have been re-lent in the form of Treasury deposit receipts, and (2) subscriptions covered by encashments of 1723W Treasury Deposit Receipts include subscriptions on behalf of the banks' customers as well as those on the banks' own account.