| Level | Series |
| Creator Name | Bank of England Accountant's Department |
| Reference Number (click to see whole series/group) | 20A29/4 |
| Extent | 40 volumes |
| Title | 5% EXCHEQUER BONDS 1920 - ISSUED DEC 1915 |
| Date | 28 Dec 1915 - 3 Nov 1921 |
| Admin History | The Treasury Announced on the 16 Dec 1915 that 5% Exchequer bonds, repayable at par on the 1st December 1920, would be issued daily for an unlimited amount. The bonds were at first transferable in multiples of £100 in accordance with the terms of the prospectus, and subsequently in multiples of £5. The issue closed on 1 Jun 1916; 272,140 applications were received amounting to £205,371,195.
Several new features were introduced with this issue. Payment in full was required on application. Receipts were issued exchangeable for the definitive bonds, and allotment letters and scrip certificates were no longer required, measures which lessened the burden of the clerical work. In addition, interest on this bond would be paid without deduction of income tax; foreign investors and British citizens residing abroad were also able to obtain their interest free of income tax. Finally, interest was calculated from the date of receipt by the Bank of the proceeds of the subscription money.
In view of the large subscription to the 4 1/2% War Loan (20A29/3) made by private banks, banks were allowed by the Chancellor to exchange part of their holdings of the 4 1/2% War Loan for 5% Exchequer Bonds (20A29/4, 5, 8) under two different schemes in 1916/1917 and early 1917. [p. 409 ff, Ch. 3. of the Unpublished War History provides more detail: https://www.bankofengland.co.uk/-/media/boe/files/archive/ww/boe-1914-1921-vol1-chapter3.pdf]
Conversion into the 5% War Loan 1929-1947 (Series 20A29/7) and 4% War Loan 1929-1942 (Series 20A29/7); also converted into the 5 3/4% Exchequer Bonds 1925 (20A29/12). |
| Description | This series comprises of 'book' ledgers relative to the 5% Exchequer bonds 1920. |
| Related Material | AC19/161
AC27/90, AC27/1236, AC27/3419, AC27/7813
AC30/349, 355, 357, 358, 361, 362, 364, 367, 368, 376
20A29/5/1/1; 20A29/5/1/12; 20A29/5/1/18; 20A29/5/1/20 |
| YearOpen | 2015 |