HC Deb 17 February 1931 vol 248 cc1061-2
53. Major BEAUMONT THOMAS

asked the Chancellor of the Exchequer what was the total value of orders placed by the French Government with British industry and commerce during the late War, and in what manner these commitments were paid for?

Mr. P. SNOWDEN

I have no information as to the total value of orders placed by the French Government with British industry and commerce during the War, but the amount borrowed in London during the War by the French Government was about £450,000,000 from the British Government and about £142,000,000 from the market.

54. Major THOMAS

asked the Chancellor of the Exchequer if he will state the total amount paid to France in respect of all services rendered to the British in connection with the late War up to the time of the withdrawal of our troops from Germany, including road and building materials purchased for use in France, but excluding the French railways' claim settled in April, 1925; and when and at what exchange rates these claims were paid?

Mr. P. SNOWDEN

As the answer is long and contains a number of figures, I will, with the hon. and gallant Member's permission, circulate it in the OFFICIAL REPORT.

Following is the answer:

According to an estimate made in 1922, the total amount paid to the French Government in respect of services rendered to the British Government in connection with the War up to March, 1919 (excluding the claim of the French railways settled in April, 1925), was £19,000,000. The detailed accounts are no longer available, and it is, therefore, impossible to state definitely whether this figure includes road and building materials purchased for use in France. The payments were made in French currency; prior to June, 1917, the French currency was purchased in the market, but from June, 1917, onwards the French currency was borrowed from the French Government and the sterling equivalent was set off against the French War Debt to Great Britain. The rate of exchange adopted was that current when the services were rendered, usually about Fcs. 27 to £1. No estimate is available of the total payments between April, 1919, and the withdrawal of British troops from Germany, but during this period payments in French currency were, generally speaking, made out of francs obtained by the sale of surplus stores in France.