§ 50. Mr. HANNONasked the Chancellor of the Exchequer what has been the net reduction of the external debt between 1st April, 1919, and 30th June, 1922; and how much of this was made by external payments and how much by cancellation of mutual indebtedness?
§ Sir R. HORNEThe net reduction of external debt between the 1st April, 1919, and the 30th June, 1922, amounted to£293,805,000. Of this reduction,£54,903,000 was effected by mutual cancellation of indebtedness. £24,067,000 by conversion into National War Bonds of United Kingdom 5-i per cent. Bonds and Notes issued in the United States of America, and £214,835,000 by cash payments.
§ Mr. W. THORNEDoes the right hon. Gentleman think there is any possibility of all the countries concerned coming to a definite decision to cancel all war debts?
§ Sir R. HORNEI am afraid that is a very big question.