§ 3. Mr. Thomas Reidasked the Secretary of State for the Colonies in how many cases since 1900 have the repayment of Colonial loans been waived and therefore met by the British taxpayer; and what was the total sum so waived.
§ The Secretary of State for the Colonies (Mr. Creech Jones)As the reply contains many figures I will, with my hon. Friend's permission, circulate a statement in the OFFICIAL REPORT.
§ Mr. ReidCan my right hon. Friend say what the total sum was, and if in the case of the very big loans which have been raised recently by the Colonies, the British Government, although they may have no legal responsibility for repayment of loans are in fact responsible because the funds in question are trustee securities?
§ Mr. Creech JonesThe total sum, including loans to the High Commission territories in South Africa and, I believe, Newfoundland as well, is in the neighbourhood of £17 million. I should have to consider the last part of the supplementary question before giving an answer.
§ Sir Waldron SmithersDo these loans and their destinations come under the scrutiny of the Auditor-General?
§ Mr. Creech JonesYes, Sir, most emphatically.
§ Following is the Statement:
§ Since 1900 the repayment of 28 Colonial loans has been waived by His Majesty's Government; the total sum 1192 waived is £16,681,384. This figure includes three loans in respect of the South Africa High Commission territories of Swaziland and the Bechuanaland Protectorate, totalling £653,400, and one loan of £124,098 in respect of Transjordan.
§ In addition there have been 61 cases in which loans made for schemes under the Colonial Development and Welfare Acts of 1929, 1940 and 1945 have subsequently been converted, either wholly or in part, to free grants, involving a sum of £1,203,349. Of these conversions five, totalling £563,773, have been in favour of Newfoundland and 28, totalling £273,069, in favour of the South Africa High Commission territories.