§ 50. Sir W. DAVISONasked the Chancellor of the Exchequer the amount of the debt which Great Britain is now repaying to the United States of America which was incurred prior to the Armistice; and what proportion this sum bears to the whole debt?
§ Mr. CHURCHILLThe United States Government advanced $3,696,000,000 to His Majesty's Government before the Armistice and $581,000,000 after the Armistice. But on the other hand His Majesty's Government after the Armistice but before the debt settlement paid $496,000,000 to the United States Government as repayment of principal and as interest, and expended $151,000,000 in winding up pre-Armistice munitions contracts, making a total of $647,000,000 as against $581,000,000. Accordingly the whole amount of the debt which Great Britain is now repaying may be regarded as having been incurred prior to the Armistice.
§ Sir W. DAVISONIs my right hon. Friend aware that in the recent American electioneering campaign it was generally stated that the debt which America was asking to he repaid to her was practically all post-Armistice money?
§ Mr. CHURCHILLOur time has often been taken up in dealing with misstatements.