HC Deb 30 January 1934 vol 285 cc196-7

asked the Chancellor of the Exchequer if he will give the details of the foreign debtors of the Government of Great Britain who have defaulted, or partially defaulted, since May, 1929; and if all Empire Governments have honoured their obligations?


I take it that my hon. Friend is referring to intergovernmental debts arising out of the War. No such default as suggested in the question has taken place in respect of debts due to the United Kindom, and payments were regularly received down to the 30th June, 1931. Thereafter the situation has been governed by the Hoover Moratorium and the Lausanne Agreements. The suspension of payments in respect of Reparations and War Debts agreed to at the Lausanne Conference remains in force, all the rights of His Majesty's Government under the existing Agreements being integrally re- served, and certain relief and other post-War debts have also been suspended. A similar suspension of payments was offered to the Dominion Governments and the Government of India in respect of their War Debts. I am glad to take this opportunity of again expressing my appreciation of the fact that the Government of the Union of South Africa decided not to avail themselves of this offer, but have continued the payment of the instalments due up to the present date.


If the United States of America insist upon renewal of the payment of debt from this country, what prospects are there of our getting our debts from foreign countries?


That is a hypothetical question.