32. Lieut.-Colonel TODD
asked the Chancellor of the Exchequer whether the British Government pledged itself to repay in gold any, or all, of the £500,000,000 borrowed from the United States of America during 1917–18; and, if so, at what notice?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)
The obligations given by His Majesty's Government were payable in gold dollars, but all provisions of this nature are subject to the United States legislation of 5th June, 1933, under which every obligation is payable in legal tender dollars. The advances referred to were repayable either at very short notice, or, in the great majority of cases, at demand; but, as stated in the reply given to my hon. and gallant Friend on the 5th June, they were funded in 1923.