55. Sir J. WALTONasked the Chancellor of the Exchequer whether he can state to the House the conditions of repayment of the principal of the 1,000 millions borrowed from the Government of the United States of America, and the rate of interest payable on the same; and what provision has been made for these purposes in the estimate of expenditure for the current year included in the Budget?
Mr. CHAMBERLAINThe rate of interest at present payable to the American Government is 5 per cent. on advances amounting on 31st March last to rather over $4,000,000,000. Provision is made for this interest in the Debt Charge for the current year. No arrangements have at present been made as regards the date of repayment.