§ 58. Mr. WISEasked the Chancellor of the Exchequer what is the value of the security against the £2,000,000 Austrian loan?
Mr. YOUNGFrom the nature of the case, it is impossible to name any exact figure as the value of such an unique work of art as the Gobelin tapestries in question, but it is estimated to be very considerably in excess of the amount of the loan.
§ 62. Mr. E. HARMSWORTHasked the Chancellor of the Exchequer how much money has been advanced to Austria by this country since the Armistice?
Mr. YOUNGThe loans made to Austria by this country since the Armistice amount to a total of approximately £12,000,000.
§ 63. Mr. E. HARMSWORTHasked the Chancellor of the Exchequer whether the salaries of Mr. Young and his staff in Austria are paid out of the loan to Austria or out of the British Exchequer?
Mr. YOUNGBy Mr. Young's desire, he is receiving no salary for his services in connection with the loan to Austria. No staff will be attached to him.
68. Colonel LAMBERT WARDasked the Chancellor of the Exchequer how I much of the £10,000,000 loan to Austria 257 has already been paid; the dates on which the various instalments were paid; and if any interest has yet been received by this country?
Mr. YOUNGThe sum of £10,000,000 was voted for relief of Austria and Poland in 1920–21, and the estimated balance undrawn at the end of that financial year, namely, £4,000,000, was revoted this year. Payments have been made from the Vote at various dates in 1920–21 and 1921–22 to cover relief supplies, of which details are given up to 31st August last in the first Report of the Royal Commission on Wheat Supplies (Command Paper 1544, page 84).
The recent loan to Austria was made out of the balance available after the completion of these relief supplies.
In pursuance of the proposals for the postponement of Austria's obligations in respect of Separation and Belief Bonds which were communicated to the House by my right hon. Friend the Lord Privy Seal on 17th March last, no interest has been received on the Belief Bond covering these relief supplies. Interest will, however, be payable on the recent £2,000,000 loan.
Colonel L. WARDIn view of the fact that interest is not being received, would it not be more, accurate for the Treasury officials to refer to that dole as a gift rather than as a loan?
Sir J. D. REESWill my hon. Friend consider the propriety of issuing a White Paper, or of making some general statement, as regards our dealings with Austria, as to which the House seems to be very much in the dark?
§ Mr. E. HARMSWORTHFor what length of time is the loan, and when will the first instalment be paid back?
Mr. YOUNGI shall have to ask for notice as to the details of this last loan of £2,000,000. I could not mention the dates out of my own head, or at least I could not do so with accuracy. As regards the question of the hon. Baronet the Member for East Nottingham (Sir J. D. Rees), I think he will find that in this and similar answers—I am afraid of undue length—which I have given to questions on this subject lately, all essential information is already conveyed.
§ Colonel WEDGWOODAre we not getting the securities that were prevised 258 in the arrangements drawn up by Sir William Goode, namely, the Customs and the monopolies?
Mr. YOUNGThere, again, I am afraid, if the hon. and gallant Member is referring to some specific arrangement of a byegone day, I should certainly require notice in order to see how that relates to the present arrangement.