§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)Against this large total we hold certain assets. First there are the obligations of our Allies and Dominions, amounting on the 31st March of this year to £1,739,000,000. Of that sum £171,000,000 were due by the Dominions and £1,568,000,000 by our Allies. I think the Committee will desire to know how that sum was distributed.
Next to this debt from the Dominions and Allies there is the remaining liability of India in respect of the 5 per cent. War Loan, which amounts to about £30,000,000. 180 There are also assets of a substantial character acquired out of Votes of Credit and now no longer required which will be disposed of as opportunity offers. I shall return to that subject later. Finally, there are the payments that we shall receive in respect of indemnity from our enemies. But when every proper allowance is made for these assets, the amount and value of which, as well as the date at which we may expect to receive payment for them, is necessarily uncertain, the burden of debt left to us is still very formidable.
£ Russia owes 568,103,000 France 434,490,000 Italy 412,520,000 Belgium 86,779,000 Serbia 18,643,000 And other Allies 47,915,000 Before I pass from this subject I should like to remind the House that, in accordance with the proposal outlined by my predecessor in the Budget Speech last year, a set-off has been arranged between the Canadian Government and the British Government in respect of our liability to them and their sterling obligation to this country. The effect of this transaction, as explained in the Treasury Minute of 14th November, 1918, presented to Parliament at the beginning of the Session (Command Paper No. 9234) was, on the one hand, to reduce the debt of Canada to this country, and, on the other, the debt of this country to Canada, by a sum of £80,680,000. I am not without hope that we shall carry through a similar transaction in the course of the current year.