§ Mr. MARRIOTTasked the Chancellor of the. Exchequer how much of the debt owed by Great Britain to the United States was incurred on behalf of her Allies?
Mr. YOUNGThe debt due by His Majesty's Government to the United States Government (exclusive of arrears of interest) is approximately $4,166,318,000 or at par of exchange,£856,093,000. After the entry of the United State of America into the War this country borrowed from the United States Government $4,277,000,000 £876,000,000 at par), and during the period in which this country was borrowing from the United States Government, His Majesty's Government advanced to its Allies £897,000,000. If we had not had to meet the claims of our Allies, it would not have been necessary for us to ask assistance from the United States Government.
§ Mr. WISEasked the Chancellor of the Exchequer what countries and what amounts are owed to Great Britain by war debts to 31st March, 1922; what countries are paying interest on these debts; what the rate of interest is; and if we have claimed any interest on these debts?
Mr. YOUNGThe approximate amount due in respect of war debt from Allied countries is £1,838,000,000, of which £584,000,000 is due from France, £503,000,000 from Italy, £655,000,000 from Russia, and the balance from minor Allies. As has been frequently explained, interest is not actually paid on these debts (with a few minor exceptions), but the amounts due have been added to the principal sums and are included in the figures I have just given. The rates of interest vary according to the different agreements made, but the usual rate is 5 per cent.