§ 60. Mr. MORGAN JONESasked 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. COOPERAs 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. NALLDoes this mean that a new Financial Resolution will be submitted to the House guaranteeing the loan?
§ Mr. COOPERI must ask for notice of that question.
§ Mr. ANEURIN BEVANIs France accepting her share of the obligation, too?
§ Mr. COOPERI must ask for notice of that question.
§ Sir ASSHETON POWNALLIs 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. COOPERYes, 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.