§ Mr. REMERasked the Chancellor of the Exchequer in what year, under the settlement effected at The Hague, it is calculated that the principles of the Balfour Note will become operative?
Mr. SNOWDENThe Young Plan provided that this country should receive from reparations sufficient, with our war debt receipts, to cover the debt payments we have to make to the United States of America for the current financial year onwards. The Hague settlement gives us advantages worth approximately £2,000,000 a year for 37 years, and there will be therefore in addition to the debt cover year by year some small set off against the accumulated deficit between our receipts and our debt payments in the past.
§ Mr. REMERasked the Chancellor of the Exchequer if he can state, as a result of the settlement effected at The Hague, what amount it is calculated the Exchequer will receive on account of reparations and Allied debts; and what is the amount payable to the United States of America in the present financial year?
Mr. SNOWDENIt is anticipated that the Exchequer will receive approximately £34,000,000 on account of Reparations and Allied War Debt payments during the present financial year. The amount 349W payable this year in respect of the British War Debt to the United States of America is $160,590,000, or, at par of exchange, about £32,990,000.
§ Mr. WISEasked the Chancellor of the Exchequer whether His Majesty's Government committed itself at The Hague to approval of the scheme of a bank for international settlements in principle or detail; and, if not, through what machinery was it contemplated that the transfer of reparations annuities would be effected?
Mr. SNOWDENHis Majesty's Government agreed at The Hague Conference to the acceptance in principle of the Young Plan, which provides for the payment of the reparation annuities through the proposed Bank for International Settlements, and in consequence they agreed that the organisation committee for the bank should be appointed in accordance with Section III of Annex I of the Plan. The Conference will reassemble in due course for the purpose of considering the reports which will be submitted to it by this and other committees, and for giving such effect thereto as may be considered desirable.