FIXED DEBT CHARGE.
NATIONAL DEBT EXTINCTION. DISCHARGE IN FIFTY YEARS. (Received April 26, .5.45 p.m.) British Wireless. RUGBY, April 25. In the sphere of national finance, the most interesting announcement by the Chancellor of the Exchequer was his proposal to establish a fixed debt charge. This is to be a payment of £355,000,000 a year, which if it is steadily maintained, and even if the rate of interest does not fall lower than 4£ per cent., will extinguish the entire debt, internal and external, without any addition to existing taxation in exactly 50 years. The amalgamation of the Treasury currency notes with the Bank of England note issue is to take place in the current year. The reserves held by the Treasury against the possibility of currency depreciation amounted fo £13,200,000. This item, with £BOO,OOO from the year's revenue the Chancellor intends to devote to strengthening the Sinking Fund, which is to be carried to last year's record figure of £65,000,000.
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Bibliographic details
New Zealand Herald, Volume LXV, Issue 19931, 27 April 1928, Page 11
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161FIXED DEBT CHARGE. New Zealand Herald, Volume LXV, Issue 19931, 27 April 1928, Page 11
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