50. Sir F. HALLasked the Chancellor of the Exchequer the annual sum now being paid to the 'United States of America in repayment of war debt and how much of that is in respect of expenditure incurred directly on behalf of allied Governments; what are the respective war debts of the Allies to this country; what are the respective amounts now being repaid annually on account of those debts; and what is the annual sum which Great Britain is receiving under the German reparations scheme?
§ The CHANCELLOR of the EXCHEQUER (Mr. Churchill)The annual sum now being paid to the United States Government in respect of our war debt is£33 millions. Our receipts from allied war debts during the current financial year should be£12,800,000 (in- eluding£8 millions from France and£4 millions from Italy) and our reparation receipts should be£19 millions, making a total receipt of about£32 millions as against our payment of£33 millions. The annual payment to the United States Government rises to£38 millions for the 1546 52 years after 1933; but our receipts from allied war debts should also rise, in accordance with the scales of settlement agreed upon, so as to cover (together with reparations) our increased payments. Details of the various war debt settlements will be found in the Funding Agreements, which have been presented to Parliament. With the exception of a small amount re-lent to Russia, no part of the British War Debt to the United States Government is in respect of expenditure incurred directly on behalf of other Allied Governments. It can nevertheless he said that if we had not lent£2,000 millions to the Allies, we should not have had to borrow£1,000 millions from the United States.
Sir P. HALLDoes the£33,000,000 to which the right bon. Gentleman refers include all the interest that we have to pay, and is there any truth in the suggestion that it is proposed that there shall be some reduction made with regard to the amount that Germany has to pay?
§ Mr. CHURCHILLThe figure which I have given includes the interest and the sinking fund to amortise the debt in a period of 62 years. I have nothing to add to the public statement which I made on the subject of the inquiry into reparations.
§ Mr. W. THORNEHas the right hon. Gentleman taken any steps to have these war debts, which are paralysing the trade of all countries, wiped out?
§ Mr. CHURCHILLI should be very glad to see them wiped out, but it is hardly within my power.
§ Colonel HOWARD-BURYIs it not the case that in 50 years' time Europe will be paying £82,600,000 a year to the United States?
§ Mr. CONNOLLYAre the Government thinking of a basis of discussion for the settlement of the Russian debt, or is it the intention of the Government to wipe out that debt?
§ Mr. CHURCHILLBy no means are we wiping out any claims that we may have for money lent to Russia.
§ Mr. CONNOLLYI am asking if the Government are seeking a basis of discussion for the settlement of the debt?
§ Mr. CHURCHILLIt is not a basis of discussion that we want, but some settlement.
§ 52. Mr. POTTSasked the Chancellor of the Exchequer the amount of reparation payments by Germany under the Dawes scheme for the year ending 31st October, 1928, expressed in German gold marks and in British values, showing each separate payment applicable to the British Empire, Army of Occupation, Reparation Recovery Act, and cash transfers, respectively?
§ Mr. CHURCHILLAs the hon. Member's question involves a number of figures, I propose to circulate the answer in the OFFICIAL REPORT.
§ Following is the answer:
§ The payments made by the Agent-General for Reparation Payments during the year ended 31st October, 1928, to or on behalf of the British Empire were as follow:
| Gold Marks. | £ | |
| Sums received in sterling. | ||
| (1) Through the Reparation Recovery Act procedure | 302,983,922 | 14,852,153 |
| (2) By cash transfer | 69,259,529 | 3,395,075 |
| Sums utilised in Reichsmarks. | ||
| Payments to the German Government for supplies and services to the British Army of Occupation and on other accounts | 21,149,309 | 1,036,731 |
| Total gold marks | 393,392,760 | £19,283,959 |
§ Of this sum, Great Britain received£14,034,761 for reparations and£3,124,188 for Army of Occupation, Belgian War Debt, etc., and the rest of the British Empire received£2,125,010 for their share of reparations.