HC Deb 03 May 1923 vol 163 cc1613-4
70. Lieut.-Colonel HOWARD-BURY

asked the Chancellor of the Exchequer whether any of the Allied countries that owe money to this country have made any suggestions to His Majesty's Government with regard to funding their debts, or have made any attempts to pay even the interest due on these debts?


As regards war debts, His Majesty's Government has hitherto agreed to renew Treasury Bills as they fell due, accepting further bills for the amount of the interest. Interest has been paid in cash on small loans to Greece and the Belgian Congo. The Belgian war debt was transferred by the Treaty of Versailles to Germany. No proposals for funding the debts have been received.

Interest is being paid on relief loans by Czecho-slovakia, and negotiations are in progress with Poland, Serbia and Rumania. These loans, which constitute a first charge on reparation receipts by the Allies, are repayable in January, 1925. Belgium is paying interest on her reconstruction loan of £9,000,000.

As stated in my reply to the hon. and gallant Member on the 23rd April, Allied Governments are being pressed to pay sums due in respect of supplies of stores, etc., by British Government Departments after the War period, and a considerable proportion of such debts has already been paid in cash.


Will the right hon. Gentleman say whether he is receiving any interest on the money due from France, or whether he expects at all to get any money from France?


As regards the first part of the question, the answer is in the negative; the second part is hypothetical.


Can the right hon. Gentleman say whether any interest is being paid on war debts, as distinct from debts which have arisen since the War?


I should like notice of that, but my impression is no.