§ 61. Sir W. Smithersasked the Chancellor of the Exchequer if he will give a detailed account of the purposes for which the $600,000,000 of the U.S. loan, already drawn, have been used; how much remains to be drawn; and what is the sterling equivalent of the balance.
§ 64. Mr. Gammansasked the Chancellor of the Exchequer how much of the U.S. loan spent, or hypothecated, to date is in respect of capital goods or consumer goods, respectively; what is the value of goods and services under these two headings which have been ordered but not yet paid for; and when the loan is likely to be exhausted at the rate of expenditure incurred during the past six months.
§ Mr. DaltonAs I explained to the hon. Member for Kingston-upon-Thames (Mr. Boyd-Carpenter) on 1st August, it is impossible to separate the proceeds of dollars from the United States credit from those of dollars otherwise obtained. The undrawn balance of the credit is 3,150 million dollars or £781 millions. No useful estimate of the duration of the credit can be based on the figures of the past six months.
§ Sir W. SmithersIs not this typical of the usual evasiveness of the Chancellor, and does he not realise—
§ Mr. SpeakerI have said before that insinuations and implications are out of Order.
§ Sir W. SmithersThe Chancellor, in my opinion, has not answered my Question, but has tried to run away from it. I want to ask him if he does not realise that the day of reckoning is coming? 1413 When the American loan is finished, he, with his awful policy, cannot repay the American loan, and that will place British credit in jeopardy. It is our greatest asset.
§ Mr. GammansIs the Chancellor aware that when he recommended this House to accept the American loan, he stated quite categorically that the greater part of it would be used for capital equipment? Is he further aware that the President of the Board of Trade has told the House that more than 90 per cent. of it has in fact been spent on consumer goods?
§ Mr. DaltonMy comment is that the hon. Gentleman's summary of the speech of my right hon. Friend is not wholly accurate.
§ Sir W. SmithersMay I ask you a question, Sir? It is whether you are aware that those of us who have not had the advantage of being educated at Eton have a saying, "Eton produces the very best, and the very worst"?
§ Mr. SpeakerPerhaps I might say in answer to the hon. Member that that shows that Eton then produces quite a true form of democracy.
§ Sir W. SmithersWith great respect, may I ask how long you are going to allow the Chancellor of the Exchequer to keep on being evasive?
§ Mr. SpeakerI think we had better get on with the Business.