§ 50. Mr. William Teelingasked the Chancellor of the Exchequer whether, in view of the delays in bringing about a Peace Treaty with Japan, he will consult with the United States authorities as to the possibility of including the interest accrued and the capital sum due to British holders of Japanese Bonds as assets belonging to this country, in Japan, which can be used for purchases in any further trade agreement with Japan.
§ Mr. JayNo, Sir. The proceeds of exports from Japan fall far short of the cost of essential imports, and it would be unrealistic to expect the Japanese economy, while it is being supported by the American taxpayer, to forego payment in foreign exchange for exports, in order to meet other claims, however legitimate in themselves.
§ 51. Mr. Teelingasked the Chancellor of the Exchequer how much money is being lost to the British Exchequer in taxation each year, by the non-receipt in this country of interest due on Japanese Bonds since the Armistice with Japan.
§ Mr. JayThe amount of interest due to holders in the United Kingdom annually on Japanese Bonds since the Armistice with Japan has been estimated very roughly at about £2 million. Income Tax on this sum at 9s. in the £ would be £900,000.