HC Deb 04 May 1927 vol 205 cc1627-8
60. Mr. W. THORNE

asked the Financial Secretary to the Treasury the amount of money loaned to Allied countries during the War; whether any of the Allied War Debts have been cancelled by Great Britain; and, if so, whether he can state which countries, and the amount cancelled?


The War Loans made by this country to Allied Governments amounted on 31st March, 1925, to approximately £2,000 millions. Details were given on page 98 of the Finance Accounts, 1924–5. Since that date, Funding Agreements have, as the House is aware, been signed in respect of all the War Debts except those of Russia and the Serb-Croat-Slovene Kingdom, and I hope that the last-named debt will also be funded shortly. There has been no cancellation of debts, but the settlements made represent on average a remission of about 70 per cent. In the case of Belgium, liability for Belgian War Debt was assumed by Germany under Article 232 of the Treaty of Versailles; and in the ease of Greece, part of the debt for war materials was remitted in view of the terms of the Agreement of February, 1918.

Lieut.-Colonel HOWARD-BURY

Is it not a fact that we shall have to bear a burden of £1,500,000,000 next year?


The hon. and gallant Gentleman can draw his own inference.