§ 15 Mr. NEIL MACLEANasked the Chancellor of the Exchequer (1) if any part and, if so, how much of the £53,500,000 in gold remitted to London by the French Government under the Calais Agreement was withdrawn by France during 1931 or the early months of 1932?
(2) if he contemplates any action to make use of the £53,500,000 in gold retained in this country against an equal sum owing to this country by France since the War; and whether, since no interest has been or is being paid by France on that debt, he will, in the present circumstances of this country, make arrangements for the beneficial use of this sum?
(3) whether he can state the estimated amount of interest this country has lost through treating the sum of £53,500,000 owing to Britain by France as a non-interest-paying debt, in accordance with Article 7 of the French War Debt Agreement?
§ The FINANCIAL SECRETARY to the TREASURY (Major Elliot)As my right hon. Friend the Chancellor of the Exchequer stated in reply to a question by the hon. Member on the 13th June, no
§ hon. Member's permission, circulate it in the OFFICIAL REPORT.
§ Following is the reply:
§ part of the £53,500,000 in gold remitted to London by the French Government by the Calais Agreement has been withdrawn by France. Beneficial use of this sum has already been made by the British Government, which pays no interest on it. No loss arises from the fact that the corresponding French debt to Great Britain is non-interest-bearing, since interest could clearly not be claimed.
§ Mr. MACLEANIs not the right hon. Gentleman aware that this £53,600,000 in gold is sterilised in this country, and that the interest on the debt which would otherwise have fallen due to this country has not been paid by France, so that there is a loss to this country?