HC Deb 13 May 1932 vol 265 cc2320-1W

asked the Chancellor of the Exchequer how much of the interest had to be found upon loans to France amounting to £755,875,000 and to Italy of £252,938,000 for the financial year ended 31st March, 1932; how the interest is found; and whether any is recoverable?


The annuities payable by France and Italy under their War Debt Funding Agreements during the year ended 31st March, 1932, were:

France £12,500,000
Italy £4,250,000 (gross)

The amounts actually received during the course of the year were:

France £3,125,000
Italy £1,062,500 (gross)

The balance of the annuities was suspended under President Hoover's proposal, and is repayable over 10 years from 1st July, 1933. As regards the cost to the British taxpayer of the loans to France and Italy, I would refer the hon. Member to the reply given to the hon. Member for the Plaistow Division of West Ham (Mr. Thorne) on 3rd December last. It may be added that the figures quoted by the hon. Member represent the aggregate annuities still payable at 31st March, 1932, under the Funding Agreements, not the capital amounts of the respective War debts of those countries to Great Britain.