§ 64. Mr. HOFFMANasked the Chancellor of the Exchequer what bas, up to date, been the cost of the £80,000,000 loan, including interest and other charges?
§ Mr. P. SNOWDENThe commissions and publicity expenses, amounting to £1,047,000, have already been paid. As regards interest, none of the Bills issued under the credits have yet matured for repayment, while the rate of interest they are earning is less than the actual current rate of interest on Treasury Bills in this country.
§ Mr. HOFFMANCan the Chancellor of the Exchequer say whether any of these charges are being borne by the Bank of England?
§ Mr. SNOWDENThis is a highly technical matter, and I have already dealt with it in reply to a question by the right hon. and gallant Member for Newcastle-under-Lyme (Colonel Wedgwood).
§ Lieut.-Commander KENWORTHYIs it not the ease that the profits are made by the Bank of England and the losses are borne by the Government?
§ Mr. SNOWDENOn the contrary, the profits come to the Treasury.
§ Lieut.-Commander KENWORTHYIs it not the fact that as the exchange stands now the loss on this transaction is equal to 9d. in the pound in Income Tax?
§ Mr. SNOWDENNo Sir, I am not aware of that.