HC Deb 17 February 1931 vol 248 cc1066-7
64. Mr. WISE

asked the Chancellor of the Exchequer if he will state, for the financial year, 1931–32, what are expected to be the total receipts of the United Kingdom on account of reparations and of War debts due both from Allied Powers and from the Dominions; and what will be the total payments on account of our debt due to the United States of America?

Mr. P. SNOWDEN

As regards our receipts from reparation and Allied War debts and our payments to the United States of America in the financial year, 1931–32, I would refer the hon. Member to the reply given to the Noble Lord the Member for the Weston-super-Mare Division (Lord Erskine) on the 29th January. The figure of £33,350,000 given in that answer should however be £33,550,000. Our receipts from the Dominions on account of War debts, during the same period, should amount to £7,653,000.

Mr. WISE

Are we to assume that the Balfour formula with regard to reparations and Allied War debts does not include the amount paid to us by the Dominions?

Mr. SNOWDEN

The basis of the Balfour Note or the part of it upon which the various debt and reparation settlements have been made is that there should be a correspondence between what we have to pay to America and what we receive from our debtors, and that has been fulfilled.

Mr. WISE

Is it not the case that we are £5,000,000 or £7,000,000 to the good on balance, and that we are receiving £5,000,000 or £7,000,000 more than we have paid to America?

Mr. SNOWDEN

I do not think so, but of course there is not every year a precise correspondence, and it may vary from year to year.

66. Mr. WISE

asked the Chancellor of the Exchequer if he will state, in respect of the War debts of the United Kingdom to the United States of America, and of France, Italy, and Australia to the United Kingdom, respectively, what percentage the payments during the financial year, 1931–32, under debt funding agreements will bear to the capital sums outstanding at the beginning of the financial year?

Mr. SNOWDEN

The payment of the United Kingdom to the United States of America Government on account of War debt in the financial year 1931–32 represents 3.64 per cent. of the capital sum outstanding at the beginning of the financial year: in the case of the payment of Australia to the United Kingdom, the corresponding figure is 6.96 per cent. In the case of the French and Italian War debts to the United Kingdom the annuities do not distinguish between capital and interest, and accordingly it is impossible to express the annual payments as a, percentage of the capital sum outstanding at the beginning of the financial year.

Mr. WISE

Is it not the case, even if it is not possible to put it accurately, that we are expecting Australia to pay about four or five times as much per annum correspondingly as has been paid to us by France and Italy?

Mr. SNOWDEN

What we are expecting and what Australia is paying is the sum due under the agreement made between Australia and this country.

Mr. WISE rose

Mr. SPEAKER

We cannot have a Debate on each question.