HC Deb 18 February 1932 vol 261 cc1816-8
61. Colonel WEDGWOOD

asked the Chancellor of the Exchequer whether he is taking any and, if so, what steps to prevent this country from defaulting in the repayment of our debts to the United States of America Government in the case of other countries defaulting in the payments due to us and our inability to supply gold?

The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)

I cannot add to the replies which I gave to the hon. Member for the Eastern Division of Wolverhampton (Mr. Mander) on the 2nd February and to the hon. Member for Stockport (Mr. Hammersley) on Tuesday last.

Colonel WEDGWOOD

Am I right in assuming that the retention of a 6 per cent. Bank rate—[HON. MEMBERS: "5 per cent now !'] Am I right in assuming that the retention of a high Bank rate is the chief method of obtaining dollar currency to repay the interest on this debt?

Mr. CHAMBERLAIN

A method.

Colonel WEDGWOOD

Is any other method being adopted?

Mr. CHAMBERLAIN

I hope the hon. and gallant Member will put that question on the Order Paper.

63. Mr. LOGAN

asked the Chancellor of the Exchequer if he will furnish a statement of the funding agreements with foreign Governments since the War, and the amount of debt cancelled in each case?

Mr. CHAMBERLAIN

The Debt Funding Agreements have all been published as Parliamentary Papers. The hon. Member will find the information which he desires conveniently summarised on page 5 of the War Debts Supplement to the "Economist" newspaper of 23rd January, 1932.

Mr. HOLFORD KNIGHT

Is it not the case that these particulars are numerous and difficult to separate; and is it not desirable to inform public opinion by setting them out in some short, authoritative form?

Mr. CHAMBERLAIN

I am afraid that my hon. and learned Friend did not attend to the answer that I gave. I said that they were conveniently summarised in the "Economist" newspaper, to which I referred.

Mr. KNIGHT

May I ask the right hon. Gentleman whether this particular compilation which he has been good enough to send to me altogether satisfies the requirements of the position?

Mr. CHAMBERLAIN

I am not sure that it does not satisfy my hon. and learned Friend.