§ 38. Colonel WEDGWOOD
asked the Chancellor of the Exchequer whether the Treasury in view of their interest in the Income Tax payable, can supply a list of the countries failing to pay the full contractual interest at any time since 1st January, 1930, whether by arrangement or otherwise, on their national indebtedness in which British citizens may be interested; and, if not, will they take steps to register such defaults, or otherwise to prepare such a list as a protection to future lenders in this country and to assist the Treasury in intervening in cases of discrimination which may arise?
§ Mr. HORE-BELISHA
I am arranging for circulation in the OFFICIAL REPORT of a list of the foreign countries which, according to the information in my possession, have at any time since 1st January, 1930, whether by arrangement or otherwise, failed to pay the full contractual interest on governmental loans issued by them in the London market.
§ Colonel WEDGWOOD
Will the list include those who have failed to carry out their contractual obligations with regard to sinking funds for the repayment of capital? The hon. Gentleman speaks of payment of interest, but will it include the repayment of instalments of capital?
§ Mr. HORE-BELISHA
That is not what my right hon. Friend asked for. His question refers to "full contractual interest," and I have given him that information.
Following is the list:
Governments which have failed to pay at any time since 1st January, 1930, the full contractual interest, whether by arrangement or otherwise, on Governmental loans issued by them in the London market.
|Brazil (Federal Government and States).|
|China (except certain loans paid in full).|
|Germany (States)—As regards Reich Loans, the External Loan, 1924, is paid in full and interest on 51½ per cent. Loan, 1930, is paid in sterling in full.|
|Salvador (current interest is being paid in full).|
|Uruguay (interest on 3½ per cent. Loan now paid in full).|
|Turkey (New Bonds issued in 1931 and debt service on New Bonds now paid in full).|
|NOTE.—The above list comprises Governments only and excludes provinces and municipalities. Governments which have suspended Sinking Funds but have continued to pay the full contractual interest are not included in the list.|