§ 64. Mr. WISEasked the Chancellor of the Exchequer when the instalments are due of the interest on the loan in the United States of America; and if any instalments have been paid?
§ Sir R. HORNEI presume the hon. Member refers to the debt due to the United States Government. On this matter I have nothing to add to the answer I gave to the hon. Member on the 27th October last.
§ 66. Sir D. MACLEANasked the Chancellor of the Exchequer whether any demand has been received from the Government of the United States of America for payment of interest on the British debt during the coming financial year; and, if so, whether a similar demand has been presented to the other European Governments which are debtors of the United States?
§ Sir R. HORNEThe answer to both parts of the question is in the negative, but the understanding arrived at with the American Government in 1919 was that interest should be postponed for a period of three years, and as that term elapses this year, we are making provision in the Budget of 1922–23 to pay the half-year's interest falling due in the autumn.
§ Sir D. MACLEANin the absence of any formal demand from the United States Government, will this payment be made?
§ Sir R. HORNEIf the right hon. Gentleman reads the American Press and follows the action of Congress and the Senate in America, he will realise that there is no anticipation of letting off this country from any payment which is due, and I am certainly not one to ask that it should be let off.
§ Sir R. HORNEThe first interest will become due in October or November.
§ Sir D. MACLEANIn view of the fact that payment can only be made mainly by the export of goods from this country to America, will the right hon. Gentleman represent to the American Government that the most convenient way of making that payment is to reduce the import duties on our goods coming into America?
§ Sir R. HORNEI do not propose to make any conditions to the United States Government for the payment of our due obligations.