HC Deb 05 July 1932 vol 268 cc238-9

asked the Chancellor of the Exchequer the amount loaned for war purposes by Great Britain to allies for war purposes; what has been the aggregate repayment to date; what amount was loaned by America to Great Britain; the aggregate repayment to date; and what would be the amount in sterling at current rates necessary to pay the next instalment?


As the answer involves a number of figures, I will, with my hon. Friend's permission, circulate it in the OFFICIAL REPORT.

Following is the answer:

Exclusive of the sum of £327,000,000 lent to the Dominions, the loans by Great Britain to her allies for war purposes amounted to £1,324,000,000. The advances by the United States of America to Great Britain were £878,000,000. These are in all cases the original capital sums. After allowing for interest and other adjustments, and the fact that the Belgian war debts to the allied Governments were charged on Germany by the Treaty of Versailles, the amounts of these loans as at the date of funding (or in the case of Russia as at 31st March, 1932) were:

Loans by Great Britain to allied Governments 2,312,000,000
Loans by the United States to Great Britain 945,000,000

The aggregate repayments to date under the Funding Agreements are:

Loans by Great Britain to allied Governments 71,000,000
Loans by United States to Great Britain 278,000,000

Sterling equivalents of United States dollars are given at par in all cases. The advances to Russia, which of course were never funded, amount to £1,066,480,000, including interest at 5 per cent. to 31st March, 1932.