HC Deb 10 February 1927 vol 202 cc277-8
35. Colonel WOODCOCK

asked the Chancellor of the Exchequer what amount has now been paid by Italy on account of its war debts to this country; and when the next payment is due to be paid and for what amount?


In accordance with the Funding Agreement of 27th January, 1926 (Command Paper 2580), Italy paid £2,000,000 on 15th March, 1926, and £2,000,000 on 15th September, 1926. The next half-yearly payment, also amounting to £2,000,000, is due on 15th March, 1927.


Was any adjustment of our arrangements with Italy come to during the right hon. Gentlemen's recent visit?


No, Sir.

36. Colonel WOODCOCK

asked the Chancellor of the Exchequer what is the total amount of the Greek war debt to this country; what amount, if any, has been paid; and whether, in view of his recent visit to Greece, he can now make any statement on the subject?


The amount of the Greek War Debt to this country is £21,250,000. Interest has been paid by Greece regularly on £500,000 of the debt, which represents a loan made to Greece before she entered the War; apart from this no payments in respect of capital or interest have been made. I understand that the Greek Government desire to effect a settlement of the debt at an early date, and that the negotiations which took place on the matter in December last will shortly be resumed.


asked the Chancellor of the Exchequer what cash payments may be expected by this country as a result of the funding of the War Debt due to us from Portugal?


The Agreement for the Settlement of the War Debt of Portugal (Command Paper 2791) provides for the payment in cash of the following annuities:

For the year 1926 (already received) 125,000
For the year 1927 250,000
For the year 1928 300,000
For the years 1929–38 (a year) 350,000
For the years 1939–87 (a year) 400,000
For the year 1988 200,000
The aggregate total of the annuities is £23,975,000.

The Portuguese Government has the right to discharge all outstanding payments due under the Agreement by the payment, on or before 31st December, 1927, of the sum of £5,500,000.


Has the right hon. Gentleman any information as to whether the Portuguese Government is likely to take advantage of that arrangement?


No, not yet. I think the consideration of that issue must to some extent depend upon the domestic course of politics in that country, which at the present time appears to be somewhat disturbed.