§ 54. Sir PARK GOFFasked the Chancellor of the Exchequer how much was the British participation in the total of the various reconstruction loans issued under League of Nations supervision?
§ 53. Mr. WARDLAW-MILNEasked the Chancellor of the Exchequer how much was the French participation in the total of the various reconstruction loans issued under the League of Nations supervision; and will he also explain why the British participation was greater than that of France?
§ 55. Sir NICHOLAS GRATTAN-DOYLEasked the Chancellor of the Exchequer the approximate total nominal amount of the various reconstruction loans issued under League of Nations supervision and to which Britain was a party?
§ Major ELLIOTI am circulating in the OFFICIAL REPORT the figures asked for. The participation of the various markets in these issues was arranged between the issuing houses concerned and the borrowing Government in each case.
§ Sir N. GRATTAN-DOYLEWill the right hon. and gallant Member say, in view of the disastrous effect of these loans, why the British participation therein has been so much greater than that of any other country?
§ Major ELLIOTThe participation is arranged between the issuing houses and the borrowing Governments.
§ Sir N. GRATTAN-DOYLE,But can my right hon. and gallant Friend say why the British participation is £40,000,000 and the French only £2,000,000?
§ Major ELLIOTThat question should be asked of the issuing houses.
§ Sir PARK GOFFIs it not the fact that our participation in these League of Nations loans involves the British citizen in a loss of between £30,000,000 and £40,000,000?
§ Major ELLIOTMy hon. Friend will see the figures in the return which I am circulating in the White Paper. I could not admit the hypothesis that these loans have been entirely lost.
§ Mr. DAVID GRENFELLWill the Financial Secretary agree that it would have been a greater disaster if these loans had not been forthcoming at the time that they were required?
§ Following are the figures: 823
| Loans issued under the auspices of the League of Nations. | |||
| Loan. | Total nominal value (sterling equivalent at par) | Issue in the United Kingdom. | Issue in France (sterling equivalent at par). |
| Austria: | £ | £ | £ |
| Guaranteed Loan, 1923–43 | 32,044,000 | 14,000,000 | 1,400,000 |
| Bulgaria: | |||
| Settlement Loan, 1926 | 3,325,000 | 1,750,000 | — |
| 7½ per cent. Stabilization Loan, 1928 | 6,340,000 | 1,500,000 | 1,047,000 |
| Greece: | |||
| 7 per cent. Refugee Loan, 1924 | 12,261,000 | 7,500,000 | — |
| 6 per cent. Stabilization Loan, 1928 | 7,565,000 | 3,371,000 | — |
| Hungary: | |||
| State Loan, 1924 | 14,129,000 | 7,903,000 | — |
| Estonia: | |||
| 7 per cent. Banking and Currency Reform Loan, 1927. | 1,522,000 | 500,000 | — |
| Danzig: | |||
| 6½ per cent. (Tobacco Monopoly) State Loan, 1927. | 1,900,000 | 1,520,000 | — |
| 79,086,000 | 38,044,000 | 2,447,000 |