HC Deb 06 March 1928 vol 161 cc247-8
65. Mr. ERSKINE

asked the Chancellor of the Exchequer whether, in order to assist the payment of our debt to America, he will consider the desirability of building up in Canada a dollar reserve fund, and so not only encourage the development of that country's resources, but also with a view to annually supplying dollars for the interest on our debt comparatively free from exchange fluctuations?

Captain KING

In my right hon. Friend's opinion the only possible way of meeting our debt is to provide liquid resources in the United States. It would not be possible at the same time to use money to repay America and to develop Canada.

67. Mr. W. THORNE

asked the Chancellor of the Exchequer the total amount of accumulated interest to the debt this country owes to the United States of America; whether the accumulated interest has been added to the principal of the debt; and what is the total amount of indebtedness to America, including the interest?

Captain KING

The principal of the notes to be refunded was $4,074,818,358 and the accrued interest $629,836,107 making a total of $4,704,654,465. After deduction of our payments in October and November of $100,526,380, the total of the debt has been agreed at $4,604,128,085.

Mr. THORNE

In face of that very clear answer, will the hon. and gallant Gentleman ask the Chancellor of the Exchequer, when giving a reply with regard to American debts, to supply the figures in pounds sterling, and not in dollars?

Captain KING

I will convey that to my right hon. Friend.

69. Mr. BARNES

asked the Chancellor of the Exchequer whether he will lay upon the Table for the information of the House the statistics presented by the British Debt Mission during his visit to the United States?

72. Captain Viscount CURZON

asked the Chancellor of the Exchequer whether he will cause to be published as a White Paper all the statistics with regard to British finances which were supplied by him to the United States Government at Washington?

Captain KING

The statistics used were compiled from accounts already published in this country, and my right hon. Friend does not think it necessary to republish them.