HC Deb 08 March 1920 vol 126 cc954-5W

asked the Chancellor of the Exchequer if he will state, in tabular form, for Britain, America, and France, respectively, the loans made by each of these countries to any of their Allies or partners in the war and give particulars for each case as to the agreed rate of interest, and conditions made as to repayments, and any payments of interest or repayments of principal which have yet been made; if any formal postponements have been made of interest payments; and, if so, upon what, if any, conditions?


The obligations of the Allies to this country (exclusive of post-War advances for Reconstruction) are now approximately as follows:—

Russia 568,000,000
France 470,500,000
Italy 470,000,000
Belgium 86,500,000
Serbia 20,000,000
Greece, Portugal, Roumania, and other Allies 51,000,000
£ 1,666,000,000

In the case of Belgian War Debt no interest is charged, and it has been agreed that the Allied and Associated Governments shall accept German gold bonds in discharge of the principal of the debt. Further, no interest has been charged down to the Armistice on loans to Serbia and Montenegro. In the case of the other Allies, interest is not actually paid except in the case of one special transaction, but the amount, in some cases at 5 per cent., and in others at Bank rate, is added periodically to the principal outstanding.

The total advances made by the United States Government down to 15th November, 1919, as given in the Annual Report of the United States Treasury, were as follow:—

United Kingdom 4,220,000,000
Russia 188,000,000
France 2,985,000,000
Italy 1,611,000,000
Belgium 339,000,000
Serbia 27,000,000
Other Allies 136,000,000

The advances were made against demand obligations bearing interest corresponding to the American loans from which they were provided.

The total advances made by France as on 6th November, 1919, were, I understand, 12,000,000,000 francs, but I have no particulars as to the amounts lent to particular countries or the conditions on which loans were granted.

Negotiations are proceeding with regard to the postponement of interest payments, but no formal postponement has yet taken place.