HC Deb 12 May 1924 vol 173 c887
21. Sir F. WISE

asked the Prime Minister if France has paid the whole of her War debt to Spain; and, if so, what was the amount?

The FINANCIAL SECRETARY to the TREASURY (Mr. William Graham)

I assume that the hon. Member refers to the loan of 455 million pesetas advanced by a consortium of Spanish bankers to the French Government by instalments during the period March, 1918, to March, 1919. I understand that these advances have been repaid.

Sir F. WISE

Will the hon. Gentleman say when these were repaid?

Mr. GRAHAM

It is a little difficult, but I understand that the last of them were repaid in December last.

Colonel ASHLEY

What is the hon. Gentleman doing about the debt due to us from France?

Mr. GRAHAM

The question hardly bears on this, because strictly speaking this was a loan by bankers, no doubt in the form of Government support to other bankers. The hon. and gallant Gentleman raises a much larger issue which I must not now discuss.

Colonel ASHLEY

Was not this loan made by private individuals or by the Government?

Mr. GRAHAM

No, it was made to French bankers, but there does not seem to be any doubt that it was in large measure a Government arrangement.

Lieut.-Colonel JAMES

Is there any difference between bankers and citizens?