§ Commander BELLAIRS
asked the Chancellor of the Exchequer, in view of the difficulty of a manufacturing country-such as our own paying a large debt to a high-tariff country by means of direct trading, whether the Government will consider an arrangement for the debt of £150,000,000 owed to us by our Dominions being exchanged for a portion of the debt we owe to the United States of America adjusted according to rate of interest and other relevant matters?
§ Mr. BALDWIN
I do not consider such an arrangement practicable. The payments made to us by the Dominions naturally assist us in meeting the burden of our American obligations.