§ 53. Colonel WEDGWOODasked the Chancellor of the Exchequer the total amount of annual interest that has to be paid by His Majesty's Government on loans made in foreign currency; whether interest on the £50,000,000 credit has to be paid in foreign currency; and whether interest on the £80,000,000 credit is included in the total shown in answer to the first part of this question?
§ The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)The amount of interest payable on loans made in foreign currency varies from year to year. It amounted to nearly £29,000,000 last year, but is reduced to about £15,000,000 this year and next year as a result of President Hoover's plan. The reply to the second part of the question is in the affirmative, and to the last part in the negative.
§ Colonel WEDGWOODIs that figure of £15,000,000 based on a gold currency, and does that include the debt to America, or does it exclude the ordinary War Debt?
§ Mr. SNOWDENIt includes the debt to America.