HC Deb 05 August 1947 vol 441 cc1289-90
56. Mr. Scollan

asked the Chancellor of the Exchequer what is the income from interest on the Soviet Loan Agreement of 1941; and what would be the effect of the Soviet proposal to reduce the interest rate to ½ per cent.

Mr. Dalton

At present slightly over £1 million a year. After April, 1951, it falls sharply. The Soviet proposal would mean a loss of about £4 million over the whole period of repayment.

Mr. Scollan

In view of the fact that this country lost a trade agreement that would have given us one million tons of grain, does my right hon. Friend think that this obstacle could not be overcome by another attempt to negotiate?

Mr. Dalton

In the course of the recent trade discussions, there were a number of different points involved, and we did not feel that, on balance, we were able to accept the Soviet position.