§ 60. Air-Commodore Harveyasked the Chancellor of the Exchequer how much of the U.S. loan to this country has been spent; and how much is pledged for the future payment of goods.
§ The Financial Secretary to the Treasury (Mr. Glenvil Hall)We have drawn 800 million dollars. I regret that I cannot say how much of our expenditure will be drawn from the U.S. line of credit, for reasons which my right hon. Friend has already explained to the House.
§ Air-Commodore HarveyIn view of the very serious situation in industry in this country and the economic position as a whole, does the right hon. Gentleman not agree that the country and this House are entitled to know at what rate the money is being spent against orders already placed with United States manufacturers?
§ Mr. Glenvil HallCertainly, but I think I have given the information. We have now drawn 800 million dollars—
§ Air-Commodore HarveyYes, but how much has been pledged for the future?
§ Mr. Glenvil HallAs a matter of fact, the amount pledged on future contracts is really very little indeed.
§ Mr. Godfrey NicholsonCan the right hon. Gentleman say when the Treasury estimate that the loan will be exhausted? That is what the country really wants to know.
§ Mr. S. ShephardWould the Minister consider giving this figure to the House at least once a month so that we shall be up to date?
§ Air-Commodore HarveyIn view of the most unsatisfactory nature of the reply, I beg to give notice that I will raise the matter on the Adjournment.