41. Major Cazalet
asked the Chancellor of the Exchequer whether he will assume responsibility for the payment of interest on Federated Malay States and Straits Settlements War Loans, in view of the fact that the entire proceeds of these loans were placed at the disposal of His Majesty's Government for the prosecution of the war?
§ The Chancellor of the Exchequer (Sir Kingsley Wood)
This matter is receiving the most urgent consideration, and I hope very shortly to be able to make a statement. I will communicate with my hon. and gallant Friend and will ask him to put down another Question.
When considering this question, will my right hon. Friend bear in mind that this is the first time in history a Crown Colony has defaulted?