§ 57. Sir B. FALLE
asked the Chancellor of the Exchequer if he will state the method by which he proposes to utilise for debt repayment the cash proceeds resulting from the issue in Britain of the British portion of the Young plan reparations loan; whether he proposes to use it as a separate amount additional to the sum appearing in the 1930 Financial Statement as allocated for Sinking Fund purposes; and will the sum available be applied to the cancellation of funded debt or of floating debt?
§ The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)
As I have previously stated, the share of Great Britain in the proceeds of the German Government International 5½ per cent. Loan, 1930, will be applied to debt redemption. At present I am not able to 36 say definitely the precise form in which it will be applied, but I hope to be able to do so very shortly.
§ Mr. A. M. SAMUEL
Is the right hon. Gentleman considering using the cash proceeds for the repayment of part of the American Debt before the date upon which that part falls due?
§ Mr. SNOWDEN
We are considering the best means by which this "windfall," if I may so call it, should be applied, and, as I said, I hone to be able to make an announcement in the course of a few days.