HC Deb 15 December 1932 vol 273 cc508-9
39. Mr. R. EVANS

asked the Chancellor of the Exchequer whether the representatives of His Majesty's Government, when negotiating the funding agreement with the United States Treasury in 1923, received assurances that no other debtor nation would be granted better terms?

Mr. HORE-BELISHA

The answer is in the negative.

Mr. EVANS

Were these assurances sought by our representatives from the United States Treasury?

Mr. HORE-BELISHA

That is not the question which my hon. Friend asked. This answer was prepared with some care, and, if he wants a further answer, perhaps lie will put down a question.

41. Mr. HAMMERSLEY

asked the Chancellor of the Exchequer whether in 1922 there was any difference between the form of debt obligation, note of hand, or otherwise, held by the United States of America on account of the indebtedness of this country and the indebtedness of the other Allies; and will he give details?

Mr. HORE-BELISHA

All the obligations originally held by the United States on account of the indebtedness of foreign Governments in respect of advances under the United States Liberty Bond Acts were in similar form. The form of obligation is printed on page 314 of the Combined Annual Reports of the United States Foreign Debt Commission, published at Washington in 1927. All the advances made by the United States Government to His Majesty's Government were under the Liberty Bond Acts, but in the case of other Allied Governments advances were also made for the purchase of surplus war supplies and for relief supplies and, in respect of these, obligations were held in somewhat different forms, which are given on pages 314 to 317 of the same report.

Mr. HAMMERSLEY

It would be true to say, then, that at this time the United States Government were in precisely the same position to effect pressure on the Allied nations as they were in respect to this country? The question I am asking is whether they held the same kind of obligation in respect of France and Italy as they did in respect to this country, and therefore that they were naturally in the position to effect the same kind of pressure?

Mr. HORE-BELISHA

My hon. Friend will realise how necessary it is for me to answer any question of that kind circumspectly, and I should therefore be obliged if he will put it down.