HC Deb 09 July 1931 vol 254 cc2268-9
62. Colonel GRETTON

asked the Chancellor of the Exchequer how the estimated £11,000,000 loss to the British Exchequer arising from the American plan for dealing with payments on account of international debts is calculated; and if there is any additional loss estimated to be incurred owing to subsequent developments of the American plan?

Mr. P. SNOWDEN

In reply to the first part of the question, I would refer the right hon. and gallant Member to the reply given to the right hon. Member for the Edgbaston Division (Mr. Chamberlain) on 29th June. In reply to the second part of the question, His Majesty's Government have no intention of agreeing to any measures in connection with giving effect to President Hoover's proposal which would involve any additional loss to the British Exchequer.

Colonel GRETTON

Arising out of the answer to the first part of the question, has the right hon. Gentleman examined the answer given on 29th June, and does he realise that there is no information there which justifies the conclusion that the British Treasury would lose £11,000,000?

Mr. SNOWDEN

That is a matter of the interpretation of the answer which I gave.

Colonel GRETTON

Has the right hon. Gentleman any objection to giving the information which is asked for if I put down a question for written answer?

Mr. SNOWDEN

I really do not see what difference there is between the question which the right hon. and gallant Gentleman has put down, and the information which was given in reply to the question just indicated. All the information that we are able to give at the present time is contained in that reply.

Colonel GRETTON

Is the right hon. Gentleman aware that no one with whom I have been able to consult, has arrived at the conclusion at which the right hon. Gentleman has arrived, upon the information which he gave; and will the right hon. Gentleman give the calculations which he made in order to arrive at the figure of £11,000,000?

Mr. SNOWDEN

I, obviously, cannot be aware of the conversations which the right hon. and gallant Gentleman has had with his friends on this point.

Mr. ARTHUR MICHAEL SAMUEL

In view of the very involved figures which are connected with this proposal of President Hoover's and its effects on our Budget, will the right hon. Gentleman consider issuing a tentative statement in balance-sheet form, to replace page 15 of the Treasury statement, No. 90, issued on 27th April, showing how revenue from loans repaid, miscellaneous receipts, expenditure on Sinking Fund and Debt service would be affected by the War Debt Moratorium in the current year, so that the House could then see exactly how the matter stands?

Mr. SNOWDEN

I said last week, in speaking on this question, that probably the application of the Hoover plan would require some re-adjustment of the Budget between now and the end of the year, and I think that would be the proper opportunity for a statement of that kind.