§ 60. Mr. MORGAN JONES
asked the Chancellor of the Exchequer whether he has any statement to make to the House as to the new Austrian Loan; and whether His Majesty's Government has undertaken any new obligation in respect thereto?
§ Mr. COOPER
As I stated in reply to my hon. and learned Friend the Member for Chatham (Sir P. Goff) on Wednesday last, the negotiations for raising an internationally guaranteed conversion loan for Austria had the full approval of His Majesty's Government. The extent of the guarantee given by His Majesty's Government, namely 24½ per cent. of all the issues, is the same as that given to the old loan, which is being converted, and in view of the reduction in the burden on Austria, it is evident that the risk of our guarantee becoming operative will be very greatly reduced.
§ Sir J. NALL
Does this mean that a new Financial Resolution will be submitted to the House guaranteeing the loan?
§ Sir ASSHETON POWNALL
Is not the period of this loan being extended for a further ten years, and are not British taxpayers, in consequence, liable to interest for the extra ten years?
§ Mr. COOPER
Yes, but the danger of the obligation becoming due is very much reduced owing to the diminished burden in Austria, and this is very much to the advantage of the taxpayer.