§ 50. Mr. T. WILLIAMSasked the Chancellor of the Exchequer the cost in sterling of the recent repayments to France and America; and what would have been the cost had these repayments been made at the rate of exchange prevailing on the 4th April last?
§ Major ELLIOTThe cost of repayment of so much of the Treasury credits in France and America as has been repaid to date is £85,575,768, of which £61,223,094 represents the money borrowed and repaid at the original par of exchange. At an average rate of exchange equal to that prevailing on the 4th April, 1932, the cost of repayment would have been approximately £79,246,490. The exchange value of the £ on the 4th April would not of course have been so high if the repayments had not taken place previously.