§ 58. Mr. DAVID MASONasked the Chancellor of the Exchequer whether he will state the amount of loss incurred in repaying the credits recently to France and America; and to which capital account will the amounts be charged?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)If the hon. Member means how much more sterling was required to repay the credits than the sterling they produced when they were borrowed, the answer is about £17,500,000. This difference is represented by an increase in the internal sterling debt of the country.
§ Mr. CHAMBERLAINThe answer does deal with the latter part.
§ Mr. MASONDoes the right hon. Gentleman not favour the Treasury improving the value of the pound and reducing the fiduciary note issue, so as to avoid this loss of sterling?
§ Mr. CHAMBERLAINThat is another question, and perhaps the hon. Member will put it down.
§ Captain PETER MACDONALDDoes this answer mean that provision will have to be made in this year's Budget to make up this deficit?
§ Mr. CHAMBERLAINNo, Sir.