§ MR. HERBERT SAMUELTo ask Mr. Chancellor of the Exchequer if he will state approximately what will be the total amount of interest payable on £1,000,000 borrowed in accordance with the Naval Works Bill of this year from the time the loan is contracted until the last instalment of it is repaid.
(Answered by Mr. Austen Chamberlain.) The terminable annuity required to repay an advance of £1,000,000 in twenty-nine years with interest at 3 per cent, is between £52,000 and £53,000. The exact amount of the annuity would depend upon the interval between the dates of the instalments of the advance and the date of commencement of the annuity. The aggregate amount of interest included in the annuity payments would be approximately £525,000.