HC Deb 06 June 1893 vol 13 cc330-2
MR. PIERPOINT (Warrington)

I beg to ask the Chancellor of the Exchequer whether the whole or any part of the guarantee of France towards the payment of the interest on the Turkish Loan of 1855 is paid out of the Cyprus tribute; what is the amount, if any, and what is the date of the first payment; and whether there is any agreement or implied agreement with France as to any further payments out of the tribute?

* SIR W. HARCOURT

England and France are joint guarantors of the loan of 1855, the interest on which is now paid out of the tribute from the Island of Cyprus. Since 1882 no payment to Franco has been made; no occasion has arisen for such payment, and none is likely to arise.

MR. PIERPOINT

The right hon. Gentleman has not answered my question as to the date of the first payment?

* SIR W. HARCOURT

I have stated I that in 1882 was the first and only payment to France. No payment can arise if the interest is paid; and the interest is paid out of the tribute.

MR. PIERPOINT

On account of interest, year by year?

* SIR W. HARCOURT

No payment can be made if the interest is paid, and the interest is paid out of the tribute. The payment of 1882 was merely a settlement with France of a certain sum paid by her as the guarantor, before the Cyprus tribute was applied to the payment of the interest.

MR. STANLEY LEIGHTON (Shropshire, Oswestry)

May I ask whether the Chancellor of the Exchequer will be willing to give a Return as to the profit which the British Government has derived from the revenues of Cyprus, which Lord Knutsford stated to be £101,000 a year?

* SIR W. HARCOURT

If the hon. Member wants to know the amount of profit which the British Government has derived from the revenues of Cyprus, he is inquiring about a minus quantity; but if his object is to know whether the whole Cyprus tribute goes to payment of the interest on the loan, I may tell him that it does not. There is a small margin after payment of the interest, and that margin goes towards the Sinking Fund.

MR. STANLEY LEIGHTON

Would the right hon. Gentleman give a Return of the amount of money which is paid out of the Cyprus tribute to the English Exchequer to relieve it of its obligation to pay the Guaranteed Loan?

SIR W. HARCOURT

I think the hon. Gentleman had better put the question on the Paper, and I will consider it. I do not think he quite apprehends the question, or he would not talk of money going into the English Exchequer.